Consistent Appraisal and Data Delivery Standards Designed to Meet the GSEs' New Uniform Appraisal Dataset Requirements
JACKSONVILLE, Fla., Nov. 15, 2011
JACKSONVILLE, Fla. , Nov. 15, 2011 /PRNewswire/ — Lender Processing Services (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, today announced that, through its Loan Quality Gateway™, LPS' RealEC, Empower® and LSI divisions are now directly integrated with the Uniform Collateral Data Portal® (UCDP®). The UCDP was developed by Freddie Mac and Fannie Mae (GSEs) for the electronic collection of appraisal data. LPS' Loan Quality Gateway is an open, Web-based industry utility providing loan origination services and technology solutions leveraged to meet loan quality requirements.
LPS' integration with the UCDP will facilitate seamless electronic appraisal report submission for lenders that meet the GSEs' requirements, including compliance checks for the new Uniform Appraisal Dataset (UAD) requirements now in effect. The UCDP and UAD are two of several initiatives within the GSEs' Uniform Mortgage Data Program®, an ongoing effort to enhance uniform appraisal and other loan delivery standards for the mortgage industry.
RealEC, Empower and LSI customers will benefit from the following capabilities provided by the Loan Quality Gateway's UCDP integration:
- A single solution for managing a wide range of appraisal services reducing implementation time and costs
- Enhanced workflow and data validation services to support and comply with UAD and UCDP requirements
- Support of MISMO standards
- Access to ordering and processing appraisal products through the Loan Quality Gateway™, Powered by RealEC™
- Extended services to non-RealEC service providers by offering UCDP support for appraisals not performed using the Loan Quality Gateway
Lenders will be required to electronically submit full appraisal reports to the UCDP. These appraisal reports include all exhibits, addenda and photographs, for all conventional mortgage loans that require an appraisal report and were delivered to the GSEs with an application date on or after December 1, 2011 , and that are sold to Fannie Mae or Freddie Mac on or after March 19, 2012 .
“Implementing uniform appraisal and loan delivery standards to improve data accuracy and transparency is essential to restoring confidence in loan quality,” said LPS Chief Operating Officer Dan Scheuble . “By interfacing with the UCDP, we can help our clients simplify the exchange of loan data with the GSEs, improve risk management capabilities and better respond to changing requirements and market conditions.”
For more details about LPS' Loan Quality Gateway, click here.
About Lender Processing Services
Lender Processing Services, Inc. (NYSE: LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop®), portfolio retention and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS' loan servicing platform, MSP. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.