GSE changes effective July 13th
Written by Filip Koutzev on July 1, 2014
As you already know, Fannie Mae announced back in November that "the GSEs will continue to convert several of the current UAD compliance warning edits to fatal UAD edits", and there are more coming up this month. If you use TOTAL or WinTOTAL, you're already covered.
On July 13th, the UCDP will begin returning fatal edits for the following fields:
- Subject and Comparable Address (including unit number for condominiums)
- Subject Contract Date
- Comparable Date of Sale/Time
As you know, revision requests can affect future assignments so it's critical to catch fatal errors before delivery. E&O support in TOTAL and WinTOTAL has been updated to warn users if there are any compliancy issues for these fields. Just use the E&O PowerView in either program to double check and correct any fatal UAD messages. Fatal Hard Stops are easily identified by a red icon with an exclamation point. Simply double-click any warning to jump straight to the indicated field and correct it.
Another change that will go into effect on July 13th is related to changes in accepted XML formats in UCDP. “Fannie Mae and Freddie Mac (the GSEs) will only accept MISMO XML submissions in the UCDP beginning July 13, 2014. On this date the PDF extraction service in UCDP will be retired, and the GSEs will no longer accept appraisals submitted in PDF, ACI XML, and AIReady file formats.” Both TOTAL and WinTOTAL already support MISMO XML for all eight of the UCDP-supported major forms.
In conclusion, simply download the latest updates of WinTOTAL Aurora and TOTAL to ensure that you are in compliance with all the GSE changes going into effect this July 13th.
For more information on the GSE changes going into effective on July 13th, click here to see the newsletter from Fannie Mae.