ANNAPOLIS, Md.--(BUSINESS WIRE)--Appraisal Logistics, the leading provider of appraisal compliance and management services nationwide, today announced the company is a direct channel to the Uniform Collateral Data Portal (UCDP), allowing lenders complete access through Appraisal Logistics’ appraisal management services.
The UCDP is a single portal for the electronic submission of appraisal data files to Freddie Mac and Fannie Mae and facilitates the electronic collection of appraisal report data. Appraisal report forms for all conventional mortgages delivered to Freddie Mac on or after March 19, 2012, must be submitted to the UCDP. Appraisal Logistics is among only a few appraisal management companies that are fully integrated with this electronic repository established by the GSEs.
Because the appraisal report is delivered in advance of the rest of the loan file, this early submission process helps ensure that the appraisal report passes certain standards and allows time to correct any defects before the entire loan file is received by the GSEs. “We guarantee that appraisal reports are submitted in Uniform Appraisal Dataset (UAD) compliance and work with appraisers to address any issues to ensure UCDP delivery,” said Frank Danna, CEO for Appraisal Logistics. “There are only 39 companies with direct integration, of which there are only a hand full of appraisal management groups. This number is limited because the costs associated with integration can be enormous. We don’t want our customers overcompensating in an attempt to defend against regulatory penalties. This could ultimately lead to sacrificing business for compliance.”
About Appraisal Logistics
Appraisal Logistics is the leading provider in compliance risk management for appraisal independence. With a team of industry experts and a nationwide network of highly qualified and trusted appraisers, Appraisal Logistics provides immediate and exceptional service to regional and community banks and standalone mortgage originators to ensure each appraisal is 100 percent compliant in a customized, customer-focused environment. For more information, please visit www.gotoals.com or call (443) 949-7862.