Avoid a “Fatal” Message in Freddie Mac UCDP
“Pride of ownership.” “Crime-ridden area.” “Desirable area.” On January 26, Freddie Mac Loan Collateral Advisor® began delivering fatal feedback messages that prevent a “Successful” status on the Uniform Collateral Data Portal® Submission Summary Report for appraisal reports if they contain these terms and phrases and certain others that may be prohibited or potentially biased.
For certain words or phrases, delivery of the report will result in a fatal severity feedback message identifying the prohibited language.
Ensuring the use of objective language is crucial for appraisal reports. Xactus Appraisal ScorecardX helps lenders quickly and easily detect potential biases.
Reduce Appraisal Bias with Appraisal ScorecardX
Appraisal ScorecardX analyzes key phrases or words, enabling you to flag words and phrases that are not necessarily related to bias, aka “indicative words.” It also allows you to:
- Customize a ruleset for key terms and phrases to avoid biases
- Identify key terms that must be present in your appraisal reports
- Add more indicative words that may alter a property’s valuation
Please note: The Indicative Words tool must be used with the Appraisal ScorecardX feature.
Don’t wait — get started with Appraisal ScorecardX today! To schedule a demo, email [email protected].
