7th September 2015

Collateral Underwriter Version 3.0 Release Notes in September

posted in Appraiser News |

CollateralUnderwriter Version 3.0 Release Notes
August4, 2015
Duringthe weekend of September 26, 2015, Fannie Mae will release CollateralUnderwriter™ (CU™) Version 3.0 with the changes described below.
Thechanges in this release include:

Availabilityof appraisal data, risk score, flags, and messages in the CU webapplication within 10 minutes of appraisal submission to Fannie Maethrough the Uniform Collateral Data Portal® (UCDP®) (Forms1004/1073 only)

CUmessaging enhancements


Enhancementto Provide Near Real-Time CU Feedback
TheCU application will be updated to provide CU results that includeappraisal data and findings (CU risk score, flags, and messages)within 10 minutes of the submission of an appraisal to Fannie Mae inUCDP. This update, based on lender feedback, enhances lenders’ability to use CU near real-time in their workflows to supportappraisal quality control.
CUMessaging Enhancements
•Messageset 603, which addresses adjustments applied in the wrong directionfor all property attributes, will be retired and replaced withmessages 621 (GLA), 623 (Condition), 624 (Quality), 625 (View), and626 (Location). Each of the new messages will address adjustments inthe wrong direction for a specific property attribute. Historicoccurrences of 603 will remain visible.
•Newmessage 632 will address the absence of time adjustments forincreasing or declining market conditions that appear to bewarranted.
•Newmessage 1092 will alert the user when the CU analysis could not beperformed due to a CU timeout issue and the user should resubmit theappraisal in UCDP.

Themessage changes will be available in the CU user interface and alsoin Desktop Underwriter®, Early Check™, and UCDP effectiveSeptember 26.
•Enhancementsto the Comparable Selection Model and CU messaging logic to improvefunctionality and accuracy.
•Design/Styleand Parking data will be added to the user interface andDatappraisal.

ForMore Information Formore information about these Release Notes, lenders may contact theirFannie Mae customer account team. Additional information about thesechanges and general functionality will be available in the updatedCollateral Underwriter User Guide after the September 26, 2015release.

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