Statement by Michael J. Williams, President and CEO, on the Uniform Mortgage Data Program
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Janis Smith
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202-752-2078
"The Uniform Mortgage Data Program will help strengthen efforts throughout the industry to support sustainable homeownership and prudent risk management practices.
The program will complement Fannie Mae's previously announced Loan Quality Initiative by collecting additional information about properties and appraisals and securing additional loan data at delivery in an industry-standard format.
A common GSE approach to improving the collection of electronic appraisals and other loan delivery data will also help enhance our ability to manage risk and support market stability while streamlining business processes for our lender partners.
Fannie Mae has worked with FHFA and Freddie Mac to jointly develop these standards and procedures using advanced technology. Ultimately, this combined effort will help strengthen the mortgage market for the country."
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.