Freddie Mac Announcement
May 26th, 2010
GSEs to Implement Uniform Appraisal and Loan Delivery Data Standards
As announced today by the Federal Housing Finance Agency (FHFA), we are working with Fannie Mae to enhance the accuracy and quality of loan data the GSEs require at loan delivery through an ongoing effort called the Uniform Mortgage Data Program.
The GSEs, at the direction of FHFA, are developing uniform data standards for appraisal and loan delivery data that will be required for all mortgages that you plan to sell to Freddie Mac or Fannie Mae. In conjunction with the uniform appraisal data standards, plans are also underway to implement a joint appraisal data delivery portal for the electronic capture and submission of appraisal data.
Sell and Deliver
The Uniform Mortgage Data Program is a natural extension of Freddie Mac’s ongoing efforts to promote responsible lending standards that strengthen the quality of loans you originate and plan to sell to us. We believe that the program announced by FHFA is critical to the long-term health and vitality of our industry and we are committed to the success of the program objectives, which include the development and implementation of:
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A Uniform Appraisal Dataset that standardizes key appraisal data elements.
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A Uniform Collateral Data Portal that provides a web-based or system-to-system interface for the collection of appraisal data for both GSEs.
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A Uniform Loan Delivery Dataset that leverages the MISMO v. 3.0 Reference Model data elements, data definitions and file format.
We encourage you to review the Uniform Mortgage Data Program Overview posted to the new Uniform Mortgage Data Program area on our website. The Program Overview outlines the objectives, implementation plans, and key dates for the adoption of the uniform appraisal and loan delivery data standards, including that the GSEs are:
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Working on a common approach and uniform datasets to simplify implementation for our customers and vendors.
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Working individually on our GSE-specific implementation plans that reflect our unique business requirements and operational processes.
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Requiring delivery of the Uniform Appraisal Dataset in the second quarter of 2011 and the Uniform Loan Delivery Dataset in the third quarter of 2011.
We anticipate that further details on the joint components and our Freddie Mac-specific implementation plan for Freddie Mac Seller/Servicers will be announced in the near future.
Please be assured, we are committed to working closely with you on this critical effort and believe that the collaborative approach announced today will streamline your implementation and offer significant business and operational efficiencies.
Get More Information
For additional information on the joint appraisal and loan delivery data standards, please review the following information on our Uniform Mortgage Data Program resource pages:
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.