Data Standards Come To GSEs

Written by Michael Bates
on May 25, 2010 No Comments
Categories : From The Orb

ment-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae, in concert with federal regulator the [link=http://www.fhfa.gov/webfiles/15748/Uniform_Mortgage_Data_Program.pdf] Federal Housing Finance Agency[/link] (FHFA), have developed the Uniform Mortgage Data Program in an effort to strengthen the quality of data related to loans, borrowers and properties. The FHFA says the use of common data standards will help appraisers, lenders, servicers and other information providers submit more uniform data to the GSEs, which will develop and deploy these standards in a phased approach and with the input of industry participants. ‘This initiative is a major step toward meeting industry requests for uniformity in appraisal and loan data,’ said FHFA Acting Director Edward J. DeMarco in a statement. ‘Common data definitions, electronic data capture, and standardized data protocols will improve efficiency, lower costs and enhance risk monitoring,’ he added. ‘The uniform system includes protocols for incorporating new technologies and to meet new legal requirements.’ Michael J. Williams, president and CEO of Fannie Mae, [link=http://www.fanniemae.com/newsreleases/2010/5040.jhtml?p=Media&s=News+Releases] released a statement[/link] noting that a ‘common GSE approach to improving the collection of electronic appraisals and other loan delivery data will [help] enhance our ability to manage risk and support market stability while streamlining business processes for our lender partners.’ Freddie Mac CEO [link=http://www.freddiemac.com/news/archives/singlefamily/2010/20100524_uniform.html] Charles E. Haldeman Jr. has stated[/link] that ‘additional loan and appraisal data requirements, standard data definitions and a common framework for capturing these new data sets will support the mortgage industry's efforts to manage risk, reduce costs and respond more efficiently to market changes.’ Readers can find more information about the program from both [link=https://www.efanniemae.com/home/index.jsp]Fannie Mae[/link] and [link=http://www.FreddieMac.com/sell/secmktg/uniform_mortgage.html]Freddie Mac[/l

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