As of June 27, Fannie Mae and Freddie Mac began accepting appraisal reports via an internet portal specifically designed to receive the
property information and valuations as electronic data. Lenders will be required to submit electronic appraisal data for loan applications
as of Dec. 1, 2011, for loans delivered to the GSEs on or after March 2012.
All FNC Collateral Management System® (CMS®) clients, regardless of size, are able to automatically submit appraisals as XML data directly
to the GSE’s Uniform Collateral Data Portal (UCDP) via FNC’s direct integration. FNC provides this service at no additional cost to its clients.
FNC clients already have appraisals as data and the technology needed to comply with the UCDP initiative thanks to FNC’s innovative and proven
collateral management platforms—industry-leading technology that supports retail, wholesale, correspondent, servicing, capital markets, and
appraisal management companies.
Additionally, FNC’s GAAR® (Generally Accepted Appraisal Rules™) service will process UAD-formatted appraisals. GAAR automates appraisal
review by flagging compliance issues and possible indicators of risk.
Appraisal reports submitted to the UCDP must be formatted according to standards mandated by the GSEs. One approved formatting option
is the AI Ready™ XML data standard. This open data standard was developed by FNC in conjunction with the Appraisal Institute in 1998
and is universally available in appraisal creation software packages.