Freddie Mac tool to caution users about possible appraisal predisposition
Freddie Mac’s online tool for examining evaluation threat—Loan Collateral Advisor—will quickly consist of feedback messages to alert users when specific restricted, subjective or possibly prejudiced words or expressions are consisted of in appraisal reports sent through the Uniform Collateral Data Portal, the GSE just recently revealed.
Starting June 29, messages provided through Loan Collateral Advisor will consist of a caution seriousness however not avoid an effective submission status in the submission summary report in UCDP. However, starting in the 4th quarter, some words and expressions will lead to a “fatal” message, which will avoid an effective submission status in UCDP and shipment of the loan to Freddie Mac. The GSE is recommending loan providers to take proactive actions such as boosting treatments and training to make sure not successful appraisal submissions are resolved and decrease hold-ups in origination turn-around times.