is also changing the way an appraisal can be collected and sent to the lender.
In this discussion, we will use "POMDP" to refer to any form of MDP, UMDP
, or POMDP.
Obviously, there are many factors that go into the overall market improvement, but the work done on UMDP
is certainly a foundational piece to that puzzle.
Additional initiatives are on the way with UMDP
The tenets of UMDP
, however, go beyond data quality alone.
Under the direction of the FHFA, both GSEs have been working since 2010 to establish industry standards through the Uniform Mortgage Data Program (UMDP
Freddie and Fannie contracted with Veros to develop and maintain UCDP as a piece of the Uniform Mortgage Data Program (UMDP
), which was established by the Federal Housing Finance Agency (FHFA) in May 2010 to facilitate standards for electronic loan delivery.
Fannie Mae and Freddie Mac's Uniform Mortgage Data Program[R] (UMDP
) supports the implementation of consistent data standards.
In essence, this is already occurring with the FHFA's current program, called the Uniform Mortgage Data Program (UMDP
INDUSTRY: Played an important role in the successful implementation of the Fannie Mae/Freddie Mac Uniform Mortgage Data Program (UMDP
) and was a key contributor to the implementation of MISMO data standards as part of UMDP
I have explained the framework of the MISMO[R] Version 3 (V3) Reference Model in past editions of this column, as well as how Fannie Mae and Freddie Mac, working with the Federal Housing Finance Agency, created the Uniform Mortgage Data Program (UMDP
) by leveraging the MISMO extensible markup language (XML) data standards.
The GSEs' Uniform Mortgage Data Program, or UMDP
is coming very soon.