When the GSE’s Uniform Collateral Data Portal (UCDP) goes live in June, FNC® clients will be ready, the Oxford, Miss.-based mortgage technology company announced Thursday. As of June 27, Fannie Mae and Freddie Mac will begin accepting appraisal reports via an internet portal specifically designed to receive the property information and valuations as electronic data. However, lenders won’t be required to submit electronic appraisal data until March 2012.
“All FNC Collateral Management System® (CMS®) and Collateral Headquarters™ (CHQ) platform clients, regardless of size, will be able to automatically submit appraisals as XML data directly to the UCDP via FNC’s direct integration. FNC will provide this service at no additional cost to its CMS and CHQ clients,” said David Work, FNC’s executive vice president of sales.
FNC pioneered now-proven collateral management platforms that lead the industry in supporting retail, wholesale, correspondent, servicing, capital markets, and appraisal management companies.
“As the foremost experts in appraisal data, FNC is supportive of the GSEs in this effort and is excited about the opportunities this change brings,” said Mike Mitchell, FNC’s chief strategy officer. “Since its inception FNC has worked tirelessly to provide its clients access to the data that exists in their collateral valuation documents in order to automate compliance and increase efficiency and transparency.”