What is a collateral underwriter?
Collateral Underwriter (CU) is a property appraisal review tool created by Fannie Mae to help mortgage lenders manage risk. What will Collateral Underwriter do? CU performs an automated risk assessment on appraisals geared toward Fannie Mae and returns a risk score, flags, and messages to the submitting lender.
What is a CU score on appraisal?
Fannie Mae now requires a “Collateral Underwriter” (CU) Score on every appraisal. This score reflects an automated risk assessment of the appraisal based on county records, comparable sales in the area, and appreciation of the subject property.
What is collateral UW?
Collateral Underwriter® (CU®) is a web-based application provided at no charge to help lenders manage collateral risk as part of their underwriting and quality control processes. …
What is an SSR score?
Conventional Appraisals Here the appraisal report is given a rating called a Submission Summary Report (SSR). The SSR score is what prompts appraisal reviews. The SSR score ranges from 1.0 to 5.0. On very, very rare occasions, an appraisal with a score of 5.0 may warrant a second appraisal.
When did collateral underwriter start?
Q1. How and when will CU be available? CU will be available in two ways: 1) Starting on January 26, 2015, CU risk scores, flags, and messages will be provided in real time after an appraisal is submitted to Fannie Mae through the Uniform Collateral Data Portal® (UCDP®).
What is collateral review mortgage?
For a mortgage, the collateral is often the house purchased with the funds from the mortgage. If the borrower stops making loan payments, the lender can take hold of the items or house designated as collateral, to recover its losses on their loan.
What is loan collateral advisor?
Loan Collateral Advisor, a part of Freddie Mac Loan Advisor®, is a web-based tool that analyzes appraisal reports and provides a view of valuation risk at no cost to our customers.
What is LCA in mortgage?
What is Loan Collateral Advisor? Loan Collateral Advisor, offered as part of Freddie Mac Loan Advisor®, is a web-based tool that analyzes appraisal reports submitted to the Uniform Collateral Data Portal® (UCDP®) and provides lenders with critical information to help drive appropriate levels of appraisal review.