Solidifi Selected As A UCDP Integration Platform Provider By Fannie Mae And Freddie Mac
Chicago, Illinois, October 24, 2011 – Solidifi U.S., the leading full-fee appraisal management services provider, today announced that it will serve as one of the Uniform Collateral Data Portal®(UCDP®) integration platform providers for Fannie Mae and Freddie Mac. The UCDP, part of the Uniform Mortgage Data Program® (UMDP®), is the single portal for submission of electronic appraisal data files to the Government Sponsored Enterprises (GSEs).
Loren Cooke, EVP, Solidifi US said, "I'm thrilled we're an integration platform provider and working with Fannie Mae and Freddie Mac. We've worked incredibly hard to earn the trust of our lender and appraiser partners and we look forward to providing a value- added service that allows existing and future clients to seamlessly submit Uniform Appraisal Dataset (UAD) compliant appraisals to the GSEs at no charge."
Solidifi is currently developing its integration platform solution and plans to have it ready by November 1, 2011. The platform will provide lenders with a link to the UCDP portal. Once completed, the solution will allow Solidifi's lender customers to submit UAD compliant appraisal reports to the GSEs seamlessly through the aid of several time-saving features.
Added Cooke, "As a next generation appraisal management company, Solidifi has always focused on treating appraisers as business partners and providing clients with higher quality appraisals. These factors, of course, are the cornerstone of UMDP."
UMDP is intended to improve the quality and consistency of appraisal data on loans delivered to the GSEs. The initiative includes the UAD, the UCDP and the Uniform Loan Delivery Dataset (ULDD). According to UMDP guidelines, appraisals must comply with UAD requirements by September 1, 2011. Additionally, lenders are required to collect fully compliant appraisal reports on loan applications dated on or after December 1, 2011. As of March 19, 2012, lenders must electronically deliver fully UAD-compliant report data for loans with application dates on or after December 1, 2011. Additionally, loan delivery data – as well as additionally required data fields – must be provided in industry standard XML format, unless manually entered in the GSE loan delivery applications.
About Solidifi
Solidifi is a leading provider of appraisal management solutions to the North American financial services industry. The organization offers a flexible technology platform for procuring collateral valuations from an elite network of full fee appraisers who openly compete for business based on speed, quality and price. Named one of Mortgage Technology Magazine's 'Top 50 Service Providers' for 2010-11, Solidifi is located in Chicago, Illinois. Additional information about Solidifi is available at www.solidifi.com.
Contact:
Brent Artemchuk
Vice-President, Marketing & Communications
Solidifi U.S.
(905) 695-3969
bartemchuk@solidifi.com