On April 28, 2023, Freddie Mac announced that starting June 29, 2023, Loan Collateral Advisor will include new feedback messages to alert users when certain prohibited, subjective or potentially biased words or phrases are included in appraisal reports submitted to Freddie Mac through the Uniform Collateral Data Portal. This insight is intended to help users identify potential issues and to assist in compliance with Freddie Mac Single-Family Seller/Servicer Guide requirements.

According to Freddie Mac, the messages will have a Warning severity and will not prevent a “Successful” submission status in the Submission Summary Report (SSR) in UCDP. However, beginning in the fourth quarter of 2023, some words and phrases will result in a Fatal message, which will prevent a “Successful” submission status in the SSR in UCDP and delivery of the loan to Freddie Mac.

Read Freddie Mac’s full announcement here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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