In Ohio, Accurate Group [1] announced its support for the imminent release of Fannie Mae's Collateral Underwriter (CU) in the form of enhanced appraisal processes, updates to the company's Valuation Compliance Report (VCR), and training and certification of its appraisal review team.
In a release, Accurate Group said it has been in close communication with Fannie Mae ahead of CU's release to lenders and appraisal management companies (AMCs) to ensure the company and its clients are ready.
"Our clients rely on us to stay ahead of the compliance curve, so we've been proactively planning for the Fannie Mae CU changes," said Paul Doman, president and CEO of Accurate Group. "We have the processes, technology and team in place to help lenders adhere to the new Fannie Mae requirements and are prepared to make this change a smooth transition for them."
In addition to putting its appraisal review team through a series of Fannie Mae training and certification sessions, Accurate Group has also modified its review processes to incorporate CU in the workflow, the company said.
The firm's Accurate VCR product has also received an upgrade and now includes new rules necessary to ensure all hard-stop proprietary messages are addressed before appraisals are submitted.
"This is one of the benefits our clients gain by choosing an appraisal management and compliance company such as Accurate Group, over just a standard AMC," Doman said. "With Accurate Group, compliance is never an afterthought—it is engrained in our business and in every product and service we offer."