September 20th, 2016 02:00 PM EST
CTO Consumer Lending
Vice President, Financial Services
Is your organization prepared for mandatory delivery of the Uniform Closing Dataset (UCD) to the GSEs starting in Q2 2017? What about those situations where all you have is a paper or image Closing Disclosure (CD)? Your Loan Origination System (LOS) cannot produce a UCD XML if:
- A CD is produced for the seller, or modified by the closing agent, at the closing table.
- A CD is included in a correspondent or bulk acquisition loan package.
- Your document vendor does not send you calculated or derived data fields.
Even the best technology cannot address 100% of the potential problems. Individuals familiar with documents, and the mortgage process in general, may need to physically view and QA outlier documents before the UCD can be produced.
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