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Local Edition Or ig i nat ion SECONDARY MARKET Veros' Solutions Ready for GSE's Appraisal Initiative a dividend of 4.01 percent in its first year. Closser suggested VCAPX might be ideal for older investors who "should look for some participation in income-generating investments that are tied to a real asset like real estate or precious metals." "However," he added, "there is no assurance that any investment strategy will achieve its objectives, generate profits, or avoid losses." s e c on da r y m a r k e t a na ly t ic s se r v ic i ng Announcing updates to the company's PATHWAY solution, Veros revealed preparations for Fannie Mae's implementation of appraisal messages via the UCDP. California // As Fannie Mae implemented the delivery of appraisal messages through the Uniform Collateral Data Portal (UCDP), Veros Real Estate Solutions announced its PATHWAY technology solution is ready to deliver the GSE's proprietary appraisal messages. Through the portal, Fannie Mae appraisal messaging can be used to provide feedback to lenders on the quality of the appraisal data submitted. The GSE sends messages on data inconsistencies and other appraisal quality issues. The PATHWAY solution allows for seamless submission to UCDP. The solution allows for the conversion of PDFs to the required XML format, submission of Uniform Appraisal Dataset (UAD) and non-UAD reports, and the ability to preview and resolve potential errors prior to submission, among other functions. PATHWAY is designed for entities with volumes too large for manual upload to UCDP's web interface, but too small to require an enterprise platform solution. Through PATHWAY, lenders, AMCs, and other technology providers can connect to the portal with minimal technology integration. "Fannie Mae is to be commended for taking yet another step toward data transparency throughout the mortgage transaction," said David Rasmussen, SVP of operations for Veros. "Providing the lender with the information necessary to identify significant data, policy, or property issues truly helps get down to the core concerns around data quality. We are pleased to announce PATHWAY is fully equipped to allow the transmission of this information." 92 | The M Report Fannie Mae CFO to Retire by Mid-Year Housing finance leader Susan McFarland announced her June departure from the GSE, prompting speculation as to Fannie's succession plans. District of Columbia // Vertical Capital Fund Fares Well in First Year Underwriter and servicer Vertical Capital Markets Group released 2012 findings indicating a successful start for the company's real estate investment fund. California // Vertical Capital Income Fund (VCAPX), a fund that invests in mortgages and deeds of trust, outperformed its benchmark in its first fiscal year, according to a release from Irvine, California-based Vertical Capital Markets Group. Vertical Capital Markets Group has been underwriting and servicing mortgages since 2004 and created VCAPX at the end of 2011. In the fund's first fiscal year, which ended December 2012, it reaped a 12.95 percent return, well above Barclays' mortgagebacked securities index, which brought in a 2.59 percent return. Bayard Closser, president of Vertical Capital, attributes some of the fund's success to the "Goldilocks effect." "The housing market is recovering, but at a pace where lenders are still willing to sell whole mortgage notes at a steep discount," Closser said. The result is a "'just right' environment that we believe will continue for at least three more years," he added. When the fund's maximum 4.5 percent sales charge is added to the equation, the fund incurred a return of 7.91 percent for the year. VCAPX also earned Fannie Mae's CFO is planning to retire from the company by the end of June, the GSE said in a filing with the Securities and Exchange Commission (SEC). According to the filing, Susan McFarland, who also serves as EVP at Fannie Mae, "notified the company that she will retire after a transition period that will begin on the effective date of the appointment of a new chief financial officer by our board of directors and end no later than June 30, 2013." McFarland joined Fannie Mae in July 2011 and has played a role in managing the company's relationships with government and regulatory agencies, analysts, and banks. She also leads financial planning and analysis, including resource allocation, modeling and analytics, the controller's office, finance systems and services, and strategic analytics. Prior to joining Fannie Mae, she was with Capital One, where she led a 500-person team responsible for accounting, tax, procurement, and planning. No plans for her successor have been announced at this time.