Act Now to Ensure You Meet UAD Requirements!
Starting September 1, 2011, Fannie Mae and Freddie Mac will require the use of Uniform Appraisal Dataset (UAD)-compliant appraisal report forms for the four supported UAD forms (Fannie Mae forms 1004, 1073, 1075 and 2055). We are reaching out to you to ensure you are aware of the requirements and timelines. Please contact us before September 1 about your plans for beginning to deliver appraisals completed according to the standards for new orders, as well as your plans for providing the appraisal file data in an approved XML file format.
Please refer to the Preparing Your Appraisal Providers for the September 1, 2011, UAD Effective Date resource on www.efanniemae.com for additional important information and recommended actions to ensure successful adoption of the UAD. While you are on the site, there are a several other resources available from Fannie Mae to help prepare you for this transition including the UAD online tutorial.
Measure your progress for UMDP Yardstick Here.
There’s strength in partnership.
NAFCU + Fannie Mae = A great support system for you!
Through our longstanding relationship with Fannie Mae, NAFCU has helped member credit unions expand the appeal of their mortgage product offerings and services to improve the borrowing process for home buyers. As both a member of NAFCU and a Fannie Mae-approved seller/servicer, you gain access to a wide range of mortgage products, time-saving technology tools, support services, and training resources to help you serve your members in today’s challenging market.
Benefits of the Alliance
Strengthen your position as the leading mortgage provider in your community with these benefits:
• Competitive execution on standard fixed-rate loans sold to Fannie Mae;
• Reduced licensing and loan submission fees on Fannie Mae’s state-of-the-art automated underwriting technology, Desktop Underwriter®;
• Discounted registration fees on Fannie Mae's Housing Finance InstituteTM, which offers traniing courses in secondary marketing, underwriting, servicing, and investor accounting;
• No-cost portfolio review service, helping you maximize your business opportunities; and
• Newsletters, announcements, and free recorded and live Web seminars that cover changes in the industry and keep you up-to-date.
Your Path to Approval
If you are not currently an approved Fannie Mae seller and/or servicer, try Fannie Mae’s new, easy-to-use, self-assessment tutorial and Path to Approval Toolkit, designed to help your organization navigate the Fannie Mae single-family mortgage seller/servicer approval process. Review these tools prior to beginning the application process and get detailed information about Fannie Mae’s requirements, easy-to-use checklists, and an approval process flow chart.
• Self-assessment tutorial: Complete the tutorial to gauge your readiness. If you answer “Yes” to all of the questions, we encourage you to review the Path to Approval Toolkit.
• Path to Approval Toolkit: Review the toolkit to determine your eligibility and access the online application.
• Access the self-assessment tutorial and Path to Approval Toolkit on our home page at www.efanniemae.com under Sell Loans Directly to Fannie Mae, How to Apply Online.
Learn More Today!
To learn more about the NAFCU and Fannie Mae relationship, contact Tammy Trefny at (312) 368-6218 or tammy_j_trefny@fanniemae.com. You can also visit www.efanniemae.com/sf and select National Association of Federal Credit Unions under Initiatives & Partnerships.
For questions about the lender approval process, e-mail our Lender Approval Team at lender_approval@fanniemae.com or call our Lender Support Hotline at 1-888-FANNIE8 (1-888-326-6438) option 5.
Not a NAFCU Member?
There are many benefits to NAFCU membership, including access to mortgage products and time-saving technology as part of the NAFCU/Fannie Mae Alliance.
Visit the membership section of our website to learn more and to download a trail membership application today and experience NAFCU membership free, for 6 months! Or, call NAFCU’s Director of Membership Chris Anne Sanyer at 703-842-2209 to learn more today!