New Features Added for AppraisalComply Direct UCDP Submissions
UCDP Pre-Submission Review Tool Prepares You for Electronic Appraisal Submission
Through the storm of appraisal regulation changes, AppraisalComply has always provided a safe harbor for you to meet GSE, federal, and state appraisal requirements. While your business could be bogged down by the tedious process of review and submission of appraisal files to the Uniform Collateral Data Portal (UCDP), we are working to make the new guidelines impact your business as little as possible. As a result, AppraisalComply has recently been updated with a new UCDP Pre-Submission Review feature to help support direct UCDP submission functionality (which is coming soon).
New UCDP Pre-Submission Review Feature Improves UCDP Appraisal Quality
Your time is valuable. They shouldn’t waste it by having to submit an appraisal to UCDP multiple times due to simple appraiser errors. To save you time, we have developed our UCDP Pre-submission Review feature designed to catch common mistakes that would cause the UCDP to reject the appraisal, resulting in time-costly UCDP resubmission. It will run automatically whenever an appraiser uploads a completed appraisal formatted in XML.
How this feature works:
Whenever an appraiser uploads an XML appraisal report, the file will automatically be reviewed by the UCDP Pre-Submission Review tool (Note – the Pre-submission Review will not run on PDF-formatted appraisals. Only XML-formatted appraisals). The review analyzes five main appraisal points including a valid appraisal amount, the inclusion of the appraiser’s license and signature, property address, and checks for an appraisal amount greater than $5,000. If any errors are identified, they will appear in the Communications Log next to the XML Validation entry shortly after the report is uploaded. The XML Validation data will be available to you, all lender users (including Managed Users), and the appraiser that worked on the file.
The Pre-Submission Review feature is available in advance of our Direct UCDP Submission features, which are currently in a testing phase. We will let you know with plenty of fanfare when they are ready for your transactions.
Along with the Pre-Submission Review feature, we have created some additional changes to lay the foundation for UCDP delivery. There is now a checkbox on the Communications tab to track UCDP activities, and the Communicate drop down menu has a ‘Send to UCDP’ option. Although these features are not fully available yet, having hints of them gives you a little heads-up that they’re coming.
Additional Features in this Release Include:
Equity Loan Purpose Available On New Orders
On the New Order screen, the loan type ‘Equity’ has been added to the dropdown list, in addition to the existing Purchase, Refinance and Construction loan types. Providing more accurate order information to appraisers up-front can help them deliver you completed appraisal faster.
How to use this feature:
Users click the New Order link to enter property information. On the first page of the New Order screen, in the Loan Purpose field, users can select the appropriate loan type from the dropdown menu before filling out the rest of the order information.
Better Manage Your Appraisers With New “My Notes” Indicator
We have always provided you with the ability to create notes on individual appraisers. To help you better manage appraisers and manual order assignments, we have enhanced the appraiser notes section for your quick reference. If you have created a note on an appraiser, the My Notes link will now be flagged with green text so you can know if an appraiser should be reviewed before manually assigning an order to them. Also, if you place an appraiser’s account On Hold from your My Appraisers list, the action will automatically be logged in the My Notes section.
How to use this feature:
You can quickly determine if you have created notes on an appraiser using the My Appraisers list, or whenever you assign an order (Note: you can manually assign appraisal orders that are in any of the following statuses: Requested, Manager Assigning, and Assigned). Open the order details screen, click the Order menu and choose Assign Appraiser. Click the My Notes link on an appraiser entry to add notes about this appraiser, and if you have previously created notes on an appraiser, the My Notes link will appear in green. You can review your notes to determine if it appropriate to assign an order to them. Or, if you do not assign orders on behalf of you, you can also view notes on appraisers by clicking the My Appraisers link at the top of your account.
Changes for Administrator Users - Better Manage Multiple Branches With Email Notifications
For you that use the Administrator feature, the Administrator user type can oversee and work in multiple branches, or Market Areas, of one company. They can access and place orders in any Rotation Manager account they have been given access to. To help Administrators better manage all branches, and alert them to orders that may need their attention, we have enabled Administrators to be copied on all emails within any given branch.
How to use this feature:
From within their Administrator account, users locate the Market Area account that the Administrator would like to be copied on. Under the Contact tab, the Administrator clicks the ‘Carbon copy me on all emails’ checkbox. All messages directed to the Rotation Manager will be copied and sent to the Administrator as well. Administrators can be copied on correspondence for all branches, or just a select few.
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