SharperLending LLC Announces Production Release of Complete UCDP Solution in Appraisal Firewall

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Appraisal Firewall Delivers GSE Compliance, Better Process Efficiency to Lenders with Electronic UCDP Appraisal Features

SPOKANE, Wash.--(BUSINESS WIRE)-- Mortgage technology provider SharperLending LLC is announcing the production release of its newest feature in the Appraisal Firewall platform, which maximizes lenders’ appraisal process efficiency by offering an automated Uniform Collateral Data Portal (UCDP) solution. Appraisal Firewall now offers a direct interface to the UCDP, which gives lenders the ability to submit to the UCDP from within their familiar appraisal technology and streamlines GSE compliance.

The Appraisal Firewall UCDP solution includes: direct UCDP submissions, Uniform Appraisal Dataset (UAD) checks to catch any errors before submission, and PDF-to-XML appraisal file conversions to make sure lenders have the correct UCDP file format.

Appraisal Firewall is a secure, cost-effective technology solution for lenders to manage their own appraisal process and work with their trusted local appraisers to increase the speed of loan production and underwriting. Additionally, Appraisal Firewall helps lenders comply with all appraisal independence regulations, including the Dodd-Frank appraisal rule, Interagency Appraisal and Evaluation Guidelines, and now GSE requirements for lenders to submit UAD-compliant appraisals electronically to the UCDP.

The GSE requirements to submit to UCDP for any loans the GSEs will guarantee are set to take effect for originations on December 1^st, 2011.

“Appraisal Firewall now offers all of the features lenders need to comply with GSE requirements and make sure their appraisal processes don’t get bogged down,” says Dave Black, President and CEO of SharperLending LLC, the company behind the Appraisal Firewall product. “As is always the case with new regulations, they have the risk of applying additional pressure to already overloaded workflow. Most agree that the appraisal portion of the lending process has been embattled since 2009. Lenders need to find a way to make sure appraisals are electronically submitted to the UCDP without their processes becoming even more costly and time-consuming. The Appraisal Firewall UCDP solution is available to lenders at no cost, no risk, and is easy to use.”

Along with UCDP submission functionality, lenders have the option to enable a Uniform Appraisal Dataset (UAD) check that performs a three-hundred point validation on every appraisal prior to UCDP submission. This ensures the appraisal meets the UCDP requirements prior to actually submitting the order, saving lenders time in having multiple UCDP submissions on one appraisal.

“Lenders can enable the UAD check on their appraisals without necessarily submitting to UCDP,” continues Black, explaining that the UCDP submission and UAD check are separate features within the product. “The UAD check is a standalone feature, similar to an automated appraisal review. If a lender wants to submit at a later date, or pass the appraisal in a loan file to an investor, they can run the UAD check, make sure it passes, and be assured that the files are UCDP ready.”

An automated feature that is also part of the UCDP solution is the PDF-to-XML appraisal conversion. Appraisers can still deliver their appraisals in a PDF format. When a lender is ready to submit, part of the submission process checks for UAD XML. If the UAD XML is not present, Appraisal Firewall converts the appraisal to the proper format automatically, then submits the file. Additionally, if an appraiser does deliver UAD XML, Appraisal Firewall automatically creates a human readable PDF file out of the XML so the lender can see the actual appraisal, creating two distinct file types on an order.

“The Appraisal Firewall UCDP offering really is a complete solution,” says Black. “Lenders that work with the UCDP will need a lot more than just submission functionality – they will need to maintain appraisal process efficiency while still making sure they comply with all GSE and appraisal independence requirements. Appraisal Firewall does all of this, plus keeps lenders and their trusted local appraisers working together.”

About SharperLending, LLC

Headquartered in Spokane, Wash., SharperLending LLC, was founded in 1989 and was the first to offer a complete Web browser-based mortgage credit reporting system on the Internet. The company’s proven technology has processed more than 100 million secure mortgage transactions. SharperLending has been processing appraisals since the late 1990s, with Appraisal Firewall breaking out of the company’s settlement services technology into its own unique offering. SharperLending, LLC, has three divisions under its corporate umbrella: SharperLending Mortgage Services Division, the mortgage services and Appraisal Firewall platforms; SharperLending Credit Division, technology for the credit reporting industry; and SharperLending Solutions, the loan origination product packaging division. For more information, call (800)452-1174 or visit www.SharperLending.com.