From the Appraisal Institute
The Federal Housing Finance Agency has delayed implementation of a key component of the Uniform Mortgage Data Program for the fourth time since the program was initiated three years ago, the agency announced Dec. 14.
Lenders and appraisers now have until July 23, 2012, to implement the UMDP’s Uniform Loan Delivery Dataset, according to the agency’s news release. ULDD implementation, previously scheduled to go into effect March 19, 2012, now allows for voluntary implementation April 23, 2012.
UMDP was designed to streamline loan and appraisal data collected by government-sponsored enterprises Fannie Mae and Freddie Mac.
The ULDD will replace the current 2,000-character flat files that Fannie and Freddie require from lenders and appraisers. Loan origination system vendors have been working to update processes and functionality to meet the new requirements for more than a year.
FHFA indicated that the revised ULDD deadline will not impact deadlines for the new Uniform Appraisal Dataset electronic data report and its associated delivery module, the Uniform Collateral Data Portal. Lenders and appraisers must submit appraisal reports in the new format for any loans sold on or after March 19 that have application dates on or after Dec. 1.
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