ValuTrac Software Blog

The addition of three new employees at ValuTrac Software , is a strong indicator of the continual growth of the appraisal management technology provider, said Clint Cornett, CEO.

"We are pleased to announce the hiring of these first-rate individuals," Cornett said.  "They are a great addition to the ValuTrac family and highlight our company's continued growth. Our appraisal managment technology is in high demand and we are positioned to lead the way with this technology that is priced to be affordable for most companies".

All three of the employees are joining our software development team, which will allow us to serve the increasing demand. They bring more than forty five additional years of experience to the ValuTrac team. "The demand for our appraisal management technology is experiencing explosive growth. Expanding our software development team to meet the need of this fast moving market is exciting. ValuTrac strives to provide the highest level of service to all our clients. This expansion will allow us to deliver on that promise," Said Cornett, CEO.     

About ValuTrac Software, Inc.

ValuTrac Software is a leading provider of appraisal management software to appraisal management companies (AMCs), appraisers, asset servicers, banks, commercial lenders, credit unions, mortgage banking and wholesale mortgage companies. We partner with you to develop a workflow solution that delivers real added business value to your organization. Using our proven methodology and experience, our team will guide you through the best practices to ensure the project is flawlessly executed and is aligned with your business goals and objectives. We will help prioritize technology decisions, provide deep analysis of business processes, and make recommendations about how to best apply ValuTrac to solve business problems.

As we get closer to the next Uniform Mortgage Data Program® (UMDP®) milestone date of December 1, the GSEs (Freddie Mac and Fannie Mae) are seeing a steady increase in the volume of appraisal report submissions to the Uniform Collateral Data Portal® (UCDP®). This increasing volume, along with ongoing discussions with our lenders, demonstrates a positive adoption trend for the overall effort to standardize and collect appraisal data.

To support full adoption of the UCDP, the GSEs and other industry players have worked together to adapt their systems to accommodate the new appraisal data delivery requirement and data standards. As part of this effort, we identified several issues impacting successful adoption for lenders and their agents.

Postponement of UAD Identifier Hard Stop Transition
To provide lenders ample time to review the warning messages and make any necessary changes to their processes before the delivery mandate, the GSEs are postponing the transition of the first warning message to a hard stop. This edit checks for the presence of the "UAD Identifier" that indicates the appraisal has been completed on the correct form (identified by "UAD Version 9/2011" in the footer of the form as well in the data file submitted to the UCDP).

The UAD Identifier edit was scheduled to transition to hard stop with a "fatal" severity on December 1, 2011, but will now transition to a hard stop at a later date. Until that time, it will remain a warning message. Once transitioned to a hard stop, the message cannot be overridden and will result in the appraisal report receiving a "Not Successful" status in the UCDP.

Please note this does not change our current requirements regarding UAD-compliant appraisal forms for appraisals with effective dates of September 1, 2011 or the delivery of the appraisals for loans with applications dated on or after December 1, 2011 that are delivered on or after March 19, 2012. It also does not change the status of the hard stops that exist in the UCDP today.

Format Compatibility Issues Fixed by End of November
As previously communicated in the News Update section on the UCDP, we identified format compatibility issues in the UCDP that resulted in some UCDP early adopters receiving UAD warning messages on appraisal data files that appear to be compliant with the UAD standard. The identified issues will be fixed at the end of November, in advance of the December 1, 2011 appraisal data collection requirement for loans delivered on or after March 19, 2012.

Once the issues described above are addressed lenders should refocus their efforts on reviewing each warning message generated by the UCDP to determine whether the appraisal report complies with the UAD and related appraisal requirements, or needs to be corrected by the appraiser.

Data Transfer Issues
In addition, we have become aware that issues are arising in connection with the transferring of data between the different parties involved in the appraisal process before the data is submitted to the UCDP. In at least one case, the appraisal report was completed correctly on a UAD-compliant form by the appraiser. However in the process of transferring the data from the appraiser to the lender, the required UAD data was removed or modified from the original appraisal data file as it was being loaded into the UCDP.

We strongly encourage lenders and their agents to review their submission results including the UAD Compliance edits in the Findings section of UCDP to ensure that all of the required UAD data is present and in the correct format. It is important that lenders and their agents analyze each warning message to ensure the delivery of UAD-compliant appraisal reports to the UCDP. Lenders are responsible for ensuring that data submitted to the UCDP, whether by them or their agents, meets the GSEs' UAD and UCDP requirements.

Click to visit the Freddie Mac website for additional infromation.

ValuTrac Software named as a Fannie Mae UCDP solution provider. ValuTrac Software will offer a technology solution that enables the submission of electronic appraisal data directly to the Uniform Collateral Data Portal (UCDP). This technology allows Appraisal Management Companies (AMC) and lenders to streamline their appraisal submission process to the UCDP.

All existing and future ValuTrac customers will have the ability to complete direct delivery to the UCDP portal from within their ValuTrac platform. The direct delivery method is a seamless integration to the UCDP portal, and all appraisals successfully uploaded to the UCDP will receive a Submission Summary Report (SSR) summarizing the appraisal submission details and the status of the submission, as well as a Document Identifier (Doc File ID), which is the unique appraisal identifier generated by the UCDP. Loans delivered to either GSE must have an appraisal with a "Successful" status in the UCDP prior to loan delivery. All appraisals delivered to the UCDP will go through a series of UAD compliance checks. Initially, the UAD Compliance Check will result in warning messages only, beginning December 1st, 2011 the UCDP will enforce the requirement that an appraisal must be submitted on a UAD form (one of the four UAD-supported forms).

For additional information on the UMDP and UCDP please visit the ValuTrac UCDP Resource Page.

If you have questions regarding the UCDP or our direct delivery method, please contact Clint Cornett at 972.996.3206.

 

   

ValuTrac Software has partnered with AMCRegulationSummary.com to provide a resource for all ValuTrac customers to easily stay informed of legislation, regulation, and registration requirements for appraisal management companies.  AMCRegulationSummary.com provides current news and resources for AMC's, along with products that assist AMC's in assessing and monitoring their company's compliance with state and federal laws.

AMCRegulationSummary.com is your one stop shop for information regarding state legislation, regulation, and registration requirements for appraisal management companies. AMCRegulationSummary.com offers the Summary of AMC Legislation and Regulation. This summary outlines in a concise manner the laws and regulations enacted by each state and federal government. This is an invaluable quick reference guide for appraisal management companies tackling state compliance.  This gives you a quick reference guide to a concise outline of the requirements pertaining to AMC's in that specfic jurisdiction. The Summary of AMC Legislation and Regulation is an invaluable tool for AMC's as it eliminates the daunting task of staying up to date on each individual state requirements.

Having a resource like AMCRegulationSummary.com provides our ValuTrac customers with a simple solution to stay on top of the ever changing federal and state AMC legislation and regulation requirements.

The Summary of AMC Legislation and Regulation includes:

• A quick reference that outlines the 29 states that have enacted legislation to date:
• Alabama
• Arizona
• Arkansas
• California
• Connecticut
• Florida
• Georgia
• Illinois
• Indiana
• Kentucky
• Louisiana
• Maryland
• Minnesota
• Mississippi
• Missouri
• Montana
• Nebraska
• Nevada
• New Mexico
• North Carolina
• Oklahoma
• Oregon
• South Dakota
• Tennessee
• Texas
• Utah
• Vermont
• Virginia
• Washington
• Quick reference outline for Federal Legislation
• Chart listing each state’s Registration Date
• Best Practices Guide for ensuring AMC/Appraiser impartiality
• An Outline of “Hidden Fees” of Doing Business in Each of the 29 States
• Exemptions Chart, to determine whether your company must comply
• Forms for each state, where available

To learn more about how to incorporate the Summary of AMC Legislation and Regulation within your business operations visit AMCRegulationSummary.com.    

 

ValuTrac Software, Inc. is pleased to announce the relocation of their corporate office. On October 29, 2011, ValuTrac Software moved in to their new office located at 3131 Cross Timbers Road, Suite 100 Flower Mound, Texas 75028.

"The move will accomodate recent staff growth and will enable the company to continue to maintain superior customer service to all ValuTrac customers.  We look forward to maintaining and accelerating our company's growth at this new location, as we continue to provide quality, innovative, and affordable appraisal management technology and solutions."

Clint S. Cornett
CEO, ValuTrac Software, Inc.

About ValuTrac Software, Inc.

ValuTrac Software is a leading provider of appraisal management software to appraisal management companies (AMCs), appraisers, asset servicers, credit unions, mortgage banking and wholesale mortgage companies. We partner with you to develop a workflow solution that delivers real added business value to your organization. Using our proven methodology and experience, our team will guide you through the best practices to ensure the project is flawlessly executed and is aligned with your business goals and objectives. We will help prioritize technology decisions, provide deep analysis of business processes, and make recommendations about how to best apply ValuTrac to solve business problems.  

ValuTrac Software will be exhibiting at the 98th Annual MBA Convention in Chicago, October 9th - 12th. Come by and see us at Booth 819 in front of the lounge area in the exhibit hall.



If you would like to connect at the MBA Convention please feel free to give us a call at 972.996.3204 or email Clint Cornett, CEO or John Sisson, SVP National Sales.

The Federal Housing Administration (FHA) will adopt the Uniform Appraisal Dataset (UAD) and two of the UAD compliant appraisal reporting forms, which further define specific data fields in these industry standard appraisal reporting forms. 

To allow Mortgagees sufficient time to make any necessary data system changes, the requirements of this Mortgagee Letter are mandatory for all case numbers assigned on or after January 1, 2012 and for all appraisals performed on HUD real estate owned (REO) and Pre-Foreclosure Sale (PFS) properties with an effective date on or after January 1, 2012.

Prior to the effective date, Mortgagees, at their discretion, may accept and submit for loan endorsement an appraisal in either a UAD compliant format or a non-UAD compliant reporting format.

Click here to read and print Mortgage Letter 2011-30.

The Spring 2011 (Issue 3) of the FHA Appraiser Newsletter embraces Uniform Appraisal Dataset (UAD)

In an effort to enhance appraisal data quality and consistency and to promote the collection of electronic appraisal data, Fannie Mae and Freddie Mac (the Government Sponsored Enterprises or GSEs) have developed the Uniform Appraisal Dataset (UAD). The UAD modifies 4 of the industry standard appraisal reporting forms: the URAR, the Individual Condominium Unit Report, the Exterior Only Residential Inspection Report and the Exterior Only Inspection Individual Condominium Unit Report.
Fannie Mae and Freddie Mac will require appraisals reported on one of these four appraisal reporting forms to be in compliance with the UAD for all conventional loans delivered to the GSEs on or after September 1, 2011.

The UAD is part of the Uniform Mortgage Data Program (UMDP) which also includes the Uniform Loan Delivery Dataset (ULDD) and the Uniform Collateral Data Portal (UCDP). As the ULDD and the UCDP are for submission and electronic collection of appraisal and loan data related to conventional loans delivered to the GSEs, this article will only address the UAD which will directly impact FHA Roster Appraisers. When performing appraisals reported on the URAR and the individual condominium unit report form, FHA Roster Appraisers will be required to submit reports which are UAD compliant. FHA does not permit the use of either of the two exterior only inspection reporting forms.

The UAD will standardize the definitions of select key appraisal data elements such as property condition and quality of construction as well as the describing the view which will prevent appraisers from inputting descriptions such as average in the field for view in the Site Section or average quality in the Improvements Section of the report. UAD compliant appraisal reporting forms require the following information that was never explicitly required before:

• Days on market for subject property and the comparables
• Specifically defined condition and quality ratings
• Status of improvements to kitchen and bathrooms
• Sale type for subject property and each comparable sale

Appraisal report software form providers have incorporated the UAD requirements into their form software and UAD compliant appraisal reporting forms will be available on an industry wide basis this Spring.

FHA Roster appraisers can become familiar with the UAD field specific requirements detailed in Appendix D of the Uniform Mortgage Data Program by visiting either of the GSEs’ web sites: Fannie Mae or Freddie Mac

FHA plans to release guidance concerning the use of the UAD appraisal reporting forms later this year.

If you have any questions regarding the UAD requirements, please contact ValuTrac Software at 972.996.3204.

ValuTrac Software has gone social! Stay Connected: Facebook | Twitter | LinkedIn

Now ValuTrac users, vendors, appraisers, and all those directly associated to appraisal management can follow us on Twitter, Facebook and LinkedIn.

Social media is one of the best ways to stay current on developments including sales, marketing, and product and services updates. It also fosters knowledge sharing and educates and informs with industry leaders and executives who want to know about the latest and best software and applications in the business.

 ValuTrac Software will be sharing:

• ValuTrac Software Company News
• ValuTrac Features/Functionality Updates
• ValuTrac Integrations/Partnerships
• Appraisal Industry Compliance Updates
• Appraiser Continuing Education Opportunities
• Mortgage Industry News

We promise to pack as much useful information as possible into our announcements and blogs and encourage interaction from you. If there is a questions about us or our products, or if there is something you would like to see happening that hasn’t yet, share your thoughts and ideas with us through our Social Media:

Stay connected with ValuTrac Software:     Facebook | Twitter | LinkedIn
 

The Uniform Collateral Data Portal (UCDP) went live four days ago, have you registered to become an approved user?

Lenders and their agents may access the UCDP through two options: 

• A web-based interface that allows users to browse and upload XML or PDF files to the portal.
• Vendor provided solutions that offer an integrated system interface with the UCDP.

The UCDP is now available for use giving users an opportunity to integrate this new workflow with their existing processes prior to the mandatory submission date. 

To register and become an approved UCDP user click here.  

New resources have been provided to help you incorporate the UCDP in to your business processes, take advantage of these UCDP resources. 

• UCDP Recorded Tutorial: Using the Uniform Collateral Data Portal
• UCDP Recorded Tutorial: Submitting Appraisal Data Files to the UCDP
• UCDP Live Web Seminars
• Fannie Mae Monthly UMDP Yardstick

For additional information on the UCDP visit:

• UCDP Overview - Updated June 27, 2011
• UCDP Frequently Asked Questions (FAQs) - Updated June 7, 2011

ValuTrac is currently completing a direct integration to the UCDP portal to simplify appraisal delivery for all of our ValuTrac customers. To further simplify implementation of the UAD and UCDP requirements, ValuTrac will offer additional tools for customers to adhere to the UMDP guidelines. 

ValuTrac enhancements simplify appraisal delivery for EVERY ValuTrac customer. 

• Appraisal Conversion Tool  - PDF to XML Mismo 2.6
• Uniform Appraisal Dataset (UAD) Validation Tool - Confirms minimum appraisal requirements
• Uniform Collateral Data Portal (UCDP) - Direct UCDP Integration

If you are unsure on how to prepare for these upcoming industry changes, please feel free to contact ValuTrac Software at 972.996.3204 for a free consultation.