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You, Me, & UAD


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by George Opelka, SVP

BUZZ: It was extremely helpful for ACI to provide industry leaders with a preview of UAD at work within the ACI software at the Collateral Risk Network meetings in New Orleans last month. This was the first opportunity for many to see UAD up close from the appraiser’s point-of-view. Can you comment on the reaction from the Q&A that continued throughout the session?

Opelka: The session was very well received and it was an educational exercise that facilitated many positive comments and questions which were then addressed in the demo. Liz Green, ACI’s Director of Valuation Technologies did an admirable job providing a brief UAD overview and walking the group through the ACI software which featured UAD picklists, rules, and appraiser guidance.

BUZZ: It’s obvious that ACI put a lot of thought into the software to help both the appraiser and the intended user.  I really like the addition of the UAD Glossary Addendum, and I think the underwriters will too! Will this be commonplace across all appraisal software?

Opelka: My sense is that the software vendors will provide a glossary of some type. With all the various codes for condition, quality, and newly introduced abbreviations, the UAD Glossary is a necessary addition that will help underwriters better understand the appraisal report right out of the gate. And you’re right, there certainly was a significant level of planning that went into this project. For example, we incorporated online “guidance” for any UAD field in order to help ACI appraisers right at the point of data entry. Given the ground rules provided by the GSEs, the objective was to make the process as simple as possible for an ACI appraiser.

BUZZ: Is there anything that appraisers can do to prepare for UAD  in advance of the September 1, 2011 inception date?

Opelka: There are numerous steps appraisers should take to become aware and prepare for UAD. First of all, both Fannie Mae and Freddie Mac have excellent resources on the web specific to UAD readiness. I’ll include the links below to Fannie and Freddie’s resources, and I strongly encourage appraisers to become acquainted with either of these helpful UAD primers. Secondly, appraisers should talk to their appraisal software vendor and get a sense of their release schedule so they can plan accordingly. Finally, appraisers should talk to their clients so that they understand any deadlines for implementation as well as any special delivery expectations.

BUZZ: Will ACI be providing any UAD training for appraisers?

Opelka: Absolutely. We have an aggressive webinar program that focuses on using UAD in conjunction with the ACI software. The UAD Training Webinar will begin in early June and will run throughout the summer. In addition to getting an in depth look at the software, we’ll also provide an interactive Q&A at the end of each session.  We’ve been posting “UAD Tips and Tricks” on the ACI website since early March to introduce appraisers to UAD in small chunks.

Buzz: Is there a cost for the training and where can someone sign up for the webinar?

Opelka: The training is provided at no cost to any ACI customer with an active service agreement. ACI customers will receive invitations via e-mail and can in the next couple of weeks for details on how they can register for the training sessions.

Buzz: Thanks for visiting The Buzz and sharing your comments with our readers.

Opelka: You’re welcome. UAD marks a significant event in our industry and appraisers should take advantage of the information currently available and begin the education process today.

Important LinksFannie MaeFreddie Mac


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by Elizabeth Green, Director of Valuation Technologies

Since my last blog, we have been actively preparing new features to enable our clients to support the upcoming UAD and UCDP requirements mandated by the GSEs. ACI has in place a UAD taskforce and is positioned to serve as a partner to clients as they prepare to adopt the changes.

On February 23rd, the GSEs published additional materials, focusing their efforts on providing resources to assist lenders and appraisers as they prepare to implement the UAD. The new materials include:

  • Training Webinar: “Using the Uniform Appraisal Dataset”
  • Interactive Reference Manual: “Using the Uniform Appraisal Dataset to Complete the Uniform Residential Appraisal Report.” This is a helpful illustration of the UAD on the URAR.

These helpful training tools introduce appraisers and industry professionals to the requirements and instructions necessary to complete appraisal report forms in accordance with the UAD.

Field-Specific Standardization Requirements Version 1.1

Originally published as Appendix D, this document provides a list of standardized definitions and responses for a key subset of fields on the four UAD appraisal report forms.

Updated Questions & Answers

New Q & A’s tailored specifically to address UAD-related questions received from appraisers have been posted. The GSEs will be updating the Q & A’s frequently, so please check back on a regular basis to make sure you have reviewed the latest updates.

You can find these new materials, as well as more details on the full UAD requirements and standards, on Freddie Mac’s and Fannie Mae’s websites.

Last week I attended a “Train-the-Trainer” session sponsored by the GSEs in Reston, VA. The new materials posted in addition to the information we received will continue to shape our solutions for clients in addressing the new requirements. Please also visit our UAD page for relative news and information.

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by George Opelka, SVP

Last week must have been National XML Awareness Week as we were inundated with calls about delivering files to lenders in an XML or MISMO format. Apparently a few lenders have sent out E-Mails in order to alert appraisers about Fannie Mae’s appraisal delivery system which is officially named Collateral Data Delivery (CDD). Lenders will provide appraisal data to the CDD via a web-based system.

Great news for ACI appraisers as Fannie Mae has approved ACI XML as an accepted delivery standard for the CDD. In the event any of your clients are asking you to deliver your appraisals in an “XML” format per Fannie Mae, we are adding this functionality as an add on to our ACI 2010 software. This delivery protocol will be accommodated through our existing eServices plug-in which means zero learning curve for the majority of our users.

You may be wondering what the heck is an XML file? You can think of XML as a raw data file that contains information from the appraisal report excluding the form image. The reason that you have been asked to deliver an XML file is because your lender client is probably going to sell the loan to Fannie Mae, and as part of their Loan Quality initiative, Fannie Mae will require both a PDF of the appraisal report along with an XML file. The XML can be further analyzed as part of Fannie Mae’s loan quality program.

Keep in mind there are many different flavors of XML. Fannie Mae is accepting ACI-XML as well as a version of XML that was developed by the Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of the Mortgage Bankers Association. Per Fannie Mae, “effective on a date to be announced, but no earlier than July 1, 2010, for each loan delivered to Fannie Mae, sellers must submit electronic appraisal data in an acceptable XML format at least 24 hours prior to delivery of the loan to Fannie Mae.”

Do you need to do anything today? You may want to contact sales to confirm that your eServices subscription is current. In order to get ready to deliver to CDD, you can tell your clients with confidence that ACI, your software vendor, is an accepted delivery standard for Fannie Mae’s CDD platform. We’ll continue to keep you posted as any new developments unfold.