The Federal Housing Finance Agency (FHFA) announced a major new initiative by Freddie and Fannie to "improve the consistency and quality of data for appraisals and other loan information. This will enhance the depth of collateral, borrower and loan data submitted to the Enterprises. The Uniform Mortgage Data Program (UMDP - another acronym to remember) is a long-term, joint effort to create improved and uniform data standards and collection processes." It is a great thing to have uniform standards, although this is obviously another step that will make mortgage bankers wonder why we have both Fannie and Freddie. For this project, each of them gathered data independently from seller-servicers, appraisers and other market participants and loans sold to or guaranteed by them and will include more complete and consistent data on loan characteristics, borrower information; the property securing the loans; and the identity of the parties creating the transaction.

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