UCDP requires MISMO-ready files be submitted to the portal, so when the in-portal source for extraction is removed, lenders who are still receiving appraisals as PDFs will need to find an alternate source to convert the files. Veros has offered PDF extraction services independent of the portal and will continue to do so in order to assist the lenders who still require this assistance.
Extraction requires first-generation PDF, which means the PDF file was provided directly from the appraiser’s desktop and was not modified, copied or scanned in the process of transmitting the file to the lender and/or to UCDP. Most PDFs can be exported via Veros’ “Tier 1” extraction process, which is a fully electronic extraction of the appraisal file. When a PDF requires additional effort to extract the lender can escalate the file to Tier 2 and ultimately Tier 3 appraisal extraction levels which incorporate a combination of digital and manual extraction, or fully manual extraction (respectively).
If receiving MISMO-ready files is not yet an option for your organization, click here to contact a Veros representative about how your team can begin transitioning to these non-portal PDF extraction services.