Wednesday, May 26, 2010

FYI: FHFA/GSEs Announce New Loan and Other Data Standards/Processes

The Federal Housing Finance Agency, working with industry participants, announced a major new initiative by Freddie Mac and Fannie Mae to improve the consistency and quality of data for appraisals and other loan information.  The press release and related fact sheet are attached.
The Uniform Mortgage Data Program is a long-term, joint effort to create improved and uniform data standards and data collection processes in submissions to the GSEs.  The standard program will be adopted by the GSEs in phases through a common platform, and will provide opportunities for continued stakeholder input.
Under the program, data submitted to Fannie Mae and Freddie Mac on loans sold to or guaranteed by them will include more complete and consistent data on:  (a) loan characteristics;  (b) borrower information;  (c) the property securing the loans; and  (d) the identity of the parties creating the transaction.
The new data standards for all single-family appraisal forms on all loan applications will be required beginning Jan. 1, 2011.  The standards must be used for loans delivered to the GSEs by Sept. 1, 2011.  The attached fact sheet contains a more specific and detailed timeline.
Let me know if you have any questions.  Thanks.


Ralph T. Wutscher

Kahrl Wutscher LLP

The Loop Center Building

105 W. Madison Street, Suite 2100
Chicago, Illinois  60602
Direct:  (312) 551-9320 

Fax:  (866) 581-9302
Mobile:  (312) 493-0874


NOTICE:  We do not send unsolicited emails.  If you received this email in error, or if you wish to be removed from our update distribution list, please simply reply to this email and state your intention.  Thank you.


Our updates are available on the internet, in searchable format, at: