Tuesday, November 11, 2014

Petition for Disclosure of Fannie Mae "Collateral Underwriter" Data Started by the Illinois Coalition of Appraisal Professionals (ICAP)

In response to Fannie Mae's recently announced initiatives regarding appraisals delivered through the Uniform Collateral Data Portal, the Illinois Coalition of Appraisal Professionals (ICAP) has started an on-line appraiser petition asking for disclosure to appraisers of data relating to the "risk scores" and other information pertaining to submitted appraisals.  It does seem sensible that appraisers should know how assessments of their appraisal work are being made so that they can better provide their services and that appraisers should also have the collective benefit of the data that they provide.

The petition started by ICAP is here: http://icapweb.org/petition.php
ICAP's news release is below:

To: Fannie Mae and Freddie Mac (together known as the GSEs)
Fannie Mae’s Collateral Underwriter (CU™)

Fellow appraiser,
I am asking that you to take a moment to participate in this important industry effort.

Fannie Mae’s Collateral Underwriter (CU) will be available in the first half of 2015.  The CU performs automated risk assessment of appraisals submitted to the Uniform Collateral Data Portal based on information that you provided through the Uniform Appraisal Dataset (UAD).  The CU provides a risk score, flags, and messages to the lender.
The GSE’s have mandated that all appraisals be submitted in the UAD format; however, currently there are no plans to provide appraisers access to this data.

This data needs to be provided to appraisers at the beginning of the appraisal process; ensuring transparency, and improving the process by reducing risk to lenders and the general public.
Please join this online petition to allow appraiser access to the data that they provided through the Uniform Appraisal Dataset (UAD).

Thank you
Richard deVerdier
2014 ICAP President