Mod Update Manager 1.4.7 is a Source-only mod that other modders can package with their mod to include version checking, this can be easily coded by said third party, but I think that if we have a mod that handles all the mod updates in the same manner, it’s beneficent for the community.
The Mod Update manager comes with various features to actually make it useful, in it you’ll find:
Requires: Minecraft Forge and Java 6 or later
Download Links for Mod Update Manager 1.4.7
For Minecraft 1.4.5