Fannie Mae Announcement
May 26th, 2010
Fannie Mae issued an Announcement titled, Fannie Mae and Freddie Mac Introduce Uniform Approach to Mortgage Loan and Appraisal Data Collection
The Federal Housing Finance Agency (FHFA) has announced that, under its direction, Fannie Mae and Freddie Mac are working together to implement uniform appraisal and other loan delivery data standards, as well as to develop a joint appraisal data delivery system for the single-family loans they purchase and/or securitize. In response, Fannie Mae and Freddie Mac have announced the Uniform Mortgage Data Program (UMDP) to provide common requirements for appraisal and loan delivery data.
Under the umbrella of our Loan Quality Initiative (LQI), Fannie Mae previously announced that we would require electronic submission of appraisal data, require additional data about the loan at delivery, and transition to the industry-standard MISMO format for delivery of loan data. The UMDP does not replace the LQI, but rather it implements two of our LQI objectives -- electronic submission of appraisal data and collection of additional loan data in an updated format -- through a uniform approach with Freddie Mac.
For details, including implementation dates, refer to the
UMDP Overview, FAQs, and other resources
on eFannieMae.com.
To view the online Announcement, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.