Data Facts Appraisal Firewall Allows for Direct Submission to UCDP

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Data Facts Appraisal Firewall product has recently been enhanced, allowing for automated electronic submission of property appraisals to the Uniform Collateral Data Portal (UCDP).

The ease of use is great. I also really like the communication option, which allows me to stay in touch with the appraiser.

Starting December 1st, 2011, the GSEs will require that appraisals guaranteed by them be submitted electronically into the UCDP. Many GSE seller-servicers are already requiring their correspondent and non-seller/servicer clients to submit to UCDP today. This new enhancement on Appraisal Firewall ensures that lenders and appraisers are in compliance.

Another enhancement to Appraisal Firewall is the data validation check, which verifies over 300 appraisal data points, including “UCDP Hard Stops” which cause failed submissions. The enhancements will save lenders the time spent going back-and-forth between their appraiser and UCDP by catching the common errors beforehand so they can be resolved prior to UCDP submission.

“Appraisal Firewall now offers all of the features lenders need to comply with GSE requirements and make sure their appraisal process does not get bogged down,” says Dave Black, President and CEO of SharperLending LLC, the company behind the Appraisal Firewall product. “Typically, new regulations have the risk of applying additional pressure to already overloaded process. Most agree that the appraisal portion of the lending process has been inundated with change since 2009. Lenders need to find a way to make sure appraisals are electronically submitted to the UCDP without their processes becoming even more costly and time-consuming. The Appraisal Firewall UCDP solution is available to lenders at no cost, no risk, and is easy to use."

Data Facts is using their Appraisal Firewall product not only as a direct-UCDP submission option to help lenders comply with GSE requirements, but also as part of an ongoing UAD (Uniform Appraisal Dataset) and UCDP training campaign to assist lenders and appraisers in understanding all of the GSE-required changes. Data Facts offers a complete UCDP lender education and training guide (available at http://www.datafacts.com/pdf%20files/UCDP%20Manager%20Guide%20-%20December%202011.pdf) with an overview and step-by-step instructions for identifying who needs to submit to UCDP, how to register with UCDP, and how to utilize Lender Agents in Appraisal Firewall to help with UCDP submission. Data Facts also has a webinar, UCDP Compliance (http://youtu.be/3dcRbfXi_s0), to help lenders understand the UCDP requirements.

“The ease of use is great,” Pam Creech, Data Facts Appraisal Firewall customer said recently. “I also really like the communication option, which allows me to stay in touch with the appraiser.”

About Sharper Lending
Headquartered in Spokane, Wash., SharperLending LLC, was founded in 1989 and was the first to offer a complete Web browser-based mortgage credit reporting system on the Internet. The company’s proven technology has processed more than 100 million secure mortgage transactions. SharperLending has been processing appraisals since the late 1990s, with Appraisal Firewall breaking out of the company’s settlement services technology into its own unique offering. SharperLending, LLC, has four key mortgage technology products: Appraisal solutions through the Appraisal Firewall product, credit reporting technology through the XpertOnline product, 4506/income verification technology through the TRV Provider product, and a technology platform that enables access to all products plus products from other mortgage technology providers through our SharperLending platform product. For more information, call (800) 452-1174 or visit http://www.SharperLending.com.

About Data Facts
For more than two decades, mortgage lenders have been relying on Data Facts to provide the information they trust to help them make informed decisions. Our best of breed technology delivers information quickly. Data Facts was one of the first companies to introduce Appraisal Firewall in April of 2009 and it is now a key product in their Clear to Close Package. Other products in the Clear to Close Package are tax return verifications, social security verifications, flood certifications, and fraud solutions. Those wanting more information about Data Facts should visit http://www.datafacts.com, subscribe to our blog at http://datafactsmortgage.wordpress.com and follow us on Twitter (http://twitter.com/#!/DFmtgsolutions).

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Sara Kellum

Lisa P. May
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