Rockville, MD (PRWEB) September 27, 2011
Coester Appraisal Group, a Rockville based National Valuation Service Provider, can enable lenders to become fully compliant with the UMDP for appraisals ordered through its Appraisal Management Company (AMC) solution.
For all appraisals with an effective date of on or after September 1, 2011, in conjunction with the Uniform Appraisal Dataset (UAD) deadline set by the GSEs, Coester requires that appraisers provide their assessments in the UAD-compliant format for applicable appraisal forms for all conventional, Federal Housing Administration (FHA), and United States Department of Agriculture (USDA) Loans.
The UMDP and UCDP require all Fannie Mae or Freddie Mac appraisals to comply with new UAD data standardization requirements in order to establish a consistent methodology for delivered appraisals and loan data. The UAD format is not the only thing, lenders will have to ensure the appraisal is in a compliant MISMO XML data file and that the appraisal is successfully submitted through the UCDP or it is not eligible for Fannie Mae or Freddie Mac financing. Nowadays, many investors are prematurely screening for UCDP and UMDP compliance, while others are seeking such compliance for not only conventional loans but FHA and USDA to streamline efforts. Brian Coester, CEO of Coester Appraisal Group, commented on such actions. He says, "It makes sense to have it all encompassing, to have just UAD compliance be for conventional loans and waiting for FHA's deadline isn't as proactive as we would like to be so we made the decision to go full steam ahead on all appraisals. It just make sense and helps our clients get used to the process.”
Phase two of UMDP will be applicable to loans delivered to Government Sponsored Enterprises (GSEs) on or after March 19, 2012. Coester Appraisal Group is currently integrating delivery methods to the UCDP on behalf of its clients. This will ensure preparedness for UCDP compliance prior to December 1, 2011, especially for early adopters. "We are excited about this and what it will do for the industry, all these changes are good for the long term. It’s kind of a tricky situation now but in a year or two we will think back and say, it was a good move for the industry," Coester says.
Coester will have a built in “UAD Screening” process the will screen the appraisal before the appraisal is sent to the client. The system will automatically request changes back to the appraiser without a manual review and assure the appraisal is UAD and UCDP compliant. “We want to make this seamless to the mortgage industry, the UCDP is not a process change but a technology change and can’t be solved in house. By screening making the investment we will enable mortgage lenders to do basically nothing but add us as a lender agent and instantly solve their problems”.
About Coester Appraisal Group:
Coester Appraisal Group is a nationwide appraisal management company specializing in high quality appraisal reports that comply with all industry guidelines and regulations. The company is headquartered in Rockville, Maryland and was founded in 1970 as a local appraisal company. The company has since developed into a formidable force in the appraisal management segment. For more information please visit Coester Appraisal Group online at http://www.CoesterAppraisals.com
(888) 485-1999 ext. 696
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