Fannie Mae Collateral Underwriter FAQs June 2022
This document provides detailed FAQs about Fannie Mae's Collateral Underwriter, offering insights on appraisal risk assessment. It includes guidance on usage, training resources, and feedback mechanisms. Ideal for lenders and mortgage professionals seeking to enhance appraisal quality.
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How do I fill this out?
To fill out this document, carefully read each question and its corresponding answer for clear guidance. Make sure to highlight any specific feedback relevant to your usage case. Utilize the tools and resources provided to effectively manage appraisal quality.
How to fill out the Fannie Mae Collateral Underwriter FAQs June 2022?
1
Read the FAQs thoroughly.
2
Take note of key feedback provided.
3
Utilize the CU tools mentioned.
4
Refer to training resources for deeper understanding.
5
Engage with other professionals if needed.
Who needs the Fannie Mae Collateral Underwriter FAQs June 2022?
1
Lenders who need to enhance appraisal quality.
2
Appraisers seeking to understand risk factors.
3
Mortgage insurers assessing collateral risk.
4
Training coordinators responsible for CU training.
5
Compliance officers ensuring adherence to appraisal guidelines.
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Make necessary modifications to the document.
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Once done, save your changes.
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Download or share the edited PDF as needed.
What are the instructions for submitting this form?
Submit this form via email to your designated Fannie Mae contact or through the Uniform Collateral Data Portal (UCDP). For fax submission, send to the specified number listed in your submission guidelines. Ensure all information is accurate and complete to expedite processing.
What are the important dates for this form in 2024 and 2025?
Key dates for CU-related trainings and updates will be communicated via the CU webpage. Be vigilant for announcements in late 2024 and early 2025 regarding any regulatory changes. Regular updates will help keep you informed about submission and compliance requirements.
What is the purpose of this form?
The purpose of this form is to guide users towards improved appraisal quality through the effective use of Fannie Mae’s Collateral Underwriter. It serves as a foundational resource for understanding the tool's risk assessment capabilities and practical application in day-to-day operations. Additionally, it offers vital training resources to ensure proper usage by lenders and appraisers alike.
Tell me about this form and its components and fields line-by-line.
- 1. Risk Flags: Indicate potential issues like overvaluation or undervaluation.
- 2. Risk Score: Numerical value indicating appraisal risk.
- 3. Feedback Messages: Provide specific insights into appraisal quality.
What happens if I fail to submit this form?
Failing to submit this form on time may lead to appraisal processing delays and compliance issues.
- Compliance Risks: Non-compliance with Fannie Mae requirements may result in penalties.
- Approval Delays: Delayed appraisals could hinder the loan approval process.
- Increased Costs: Additional costs may arise if appraisals need to be redone.
How do I know when to use this form?
- 1. During Appraisal Submission: Ensure all CU feedback is reviewed before finalizing submission.
- 2. For Risk Analysis: Use when analyzing appraisal reports for potential issues.
- 3. For Compliance Reporting: Essential for documenting compliance with Fannie Mae standards.
Frequently Asked Questions
What is the main purpose of this document?
This document serves to guide users through the functionalities and benefits of Fannie Mae's Collateral Underwriter.
How can I access CU training resources?
Training resources are available on the CU webpage, including eLearning and webinars.
Is there a fee to use the CU application?
No, Fannie Mae offers CU at no cost to improve appraisal quality.
What should I do if I see a high CU risk score?
Review the flags and feedback, and consult with your appraisal team for further action.
Can I share my CU access with others?
No, sharing of credentials is prohibited for security reasons.
How does CU help in appraisal analyses?
CU provides real-time feedback, risk scores, and flags that facilitate better appraisal evaluations.
What kind of feedback does CU provide?
CU provides flags for overvaluation, undervaluation, and quality assessments.
Can I submit PDFs edited in PrintFriendly?
Yes, you can edit and then download your PDFs for submission.
Is CU mandatory for all lenders?
No, it's encouraged but not required for Fannie Mae sellers.
What happens if I fail to use CU insights?
You may miss important appraisal flags, which can affect loan quality.
