Freddie Mac’s online valuation risk assessment tool, Loan Collateral Advisor, will soon include feedback messages to alert users when certain prohibited, subjective, or potentially biased words or phrases are included in valuation reports submitted via the Loan Collateral Advisor. Uniform Collateral Data Portal. GSE recently announced.
Starting June 29, messages issued through Loan Collateral Advisor will include a severity warning but will not prevent a successful submission status in the submission summary report in UCDP. However, beginning in the fourth quarter, some words and phrases will result in a “fatal” message, preventing a successful submission status in UCDP and loan delivery to Freddie Mac. The GSE is advising lenders to take proactive measures, such as improving procedures and training to ensure failed appraisal submissions are addressed and minimize delays in origination response times.