Archive for July 2011 | Monthly archive page
ACI Publishes UAD Compliance Software and UAD Webinar Series
July 12, 2011 — Palm Coast, Fla. — ACI, a leading innovator in technology for the mortgage valuation industry, announced today an upgrade to the ACI2010TM software that includes enhancements for the Uniform Appraisal Dataset (UAD). The upgrade is available for appraisers to download immediately. The update equips ACI users with functionality that promotes compliance with the UAD, a required library of standardized responses and elements to be used in appraisal reports delivered to government-sponsored enterprises (GSE).
ACI2010 UAD includes several innovative features that promote compliance with the new GSE requirements. Appraisers that leverage the intuitive efficiencies of ACI2010 into their workflow are able to produce UAD-compliant reports with minimal effort.
- Built-in Guidance is provided using compliance dialogs and alerts designed to assist appraisers in meeting UAD requirements. These features are configurable and available at the field level.
- UAD Report Paks for URAR form 1004/70, URAR Exterior-Only form 2055, Individual Unit Condominium form 1073/465, and Exterior-Only Individual Condominium form 1075/466 are prebuilt to include the standard addendums that make adoption simple and fast. Each UAD Pak also includes a UAD definitions page that contains details of code definitions, abbreviations, and UAD-specific handling.
- Field-Level Data Validation provides validation business rules to ensure that appraisers type data in accordance with specific field formats.
- Address Validation is built in to ensure that all addresses conform to USPS address standards for street number, street name, city, state, and ZIP code.
- Automated Tools for lot size assist in automatically converting square feet to acres or acres to square feet based on entry.
- Change Form Type to easily switch form templates for orders originally requested on a non-UAD form, or vice versa.
- Interactive Features for complex entries — that require the use of the UAD as well as comments — are supported with intuitive, interactive dialogs and feature alerts.
- UAD Compliance Rules ensure appraisal reports meet UAD compliance prior to appraisal delivery.
“The transition to UAD will be a smooth process for ACI2010 users because we’ve ensured compliance while leveraging templates, picklists, and rules — all existing functions that ACI appraisers have already mastered,” said Elizabeth Green, ACI director of valuation technologies. “ACI appraisers can learn about the ‘what’ and ‘how’ of UAD through ACI’s UAD training sessions. Both classes are free to all ACI clients who have an active premier service agreement.”
The UAD update for ACI2010 is available at no cost to ACI clients with an active premier service agreement. Clients interested in additional online training may visit www.AppraisersChoice.com/training to view available sessions on ACI products.
ACI, a pioneer in crafting technology solutions for the mortgage valuation community, has gained industrywide recognition and support from leaders in the field. ACI’s highly scalable appraisal solutions are tailored to the needs of the organizations ACI serves. The ACI client base features many of North America’s premier lenders, national appraisal companies, and real estate brokerage firms. From connecting appraisers nationwide to streamlining quality control, ACI provides organizations the means for processing appraisals and managing exceptions in a consistent and efficient manner. Headquartered in Palm Coast, Florida, ACI (www.aciweb.com) is a division of Verisk Analytics.
About Verisk Analytics
Verisk Analytics is a leading provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision-support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com.