CAR Technology & Tools 2

Question 1

What is the primary function of the Uniform Collateral Data Portal (UCDP) in the appraisal review process?

Accepted Answer

To submit appraisal data in XML format to Fannie Mae and Freddie Mac

Answer

UCDP is the joint GSE portal that accepts appraisal data submissions in MISMO XML format for Fannie Mae and Freddie Mac loan deliveries.

Question 2

Collateral Underwriter (CU) assigns a risk score to appraisals on a scale of:

Accepted Answer

1 to 5

Answer

Fannie Mae's Collateral Underwriter scores appraisals on a 1–5 scale, with higher scores indicating greater risk and more scrutiny warranted.

Question 3

Which data standard governs the XML schema used for electronic appraisal report submissions to GSEs?

Accepted Answer

MISMO

Answer

MISMO (Mortgage Industry Standards Maintenance Organization) defines the XML schema standard used for transmitting appraisal data electronically.

Question 4

A reviewer notices that a CU feedback message flags an appraisal for 'overvaluation risk.' The most appropriate next step is to:

Accepted Answer

Review the comparables and adjustments for support relative to the flagged risk

Answer

CU flags are risk signals that prompt deeper scrutiny of comparable selection and adjustments, not automatic rejection or value changes.

Question 5

Which tool is most commonly used by appraisers to extract and analyze paired sales from MLS data when developing regression-based adjustments?

Accepted Answer

Statistical analysis or spreadsheet software

Answer

Appraisers use statistical software or spreadsheet programs such as Excel to perform paired-sales or regression analysis from MLS extracted data.

(CAR) Certified Appraisal Reviewer Practice Test