Uniform Closing Data Set Compliance

To enhance data quality and standardization, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae (FNMA) and Freddie Mac (FHLMC) to undertake the multi-year Uniform Mortgage Data Program (UMDP). Beginning in 2017, all mortgage lenders who sell loans to FNMA or FHLMC will be required to deliver a Uniform Closing Dataset (UCD) along with their traditional data and document packages.

The UCD is an effort within the UMDP to provide a standard format for the communication of loan closing data

The UCD uses a MISMO-compliant XML format with extra requirements that include a special field order and enumerations mandated by the GSEs. Visionet’s solution addresses several common scenarios that involve insufficient data to produce a UCD, including:

  • Closing Disclosures prepared or modified at the closing table
  • Document preparation vendors unable to return derived or calculated data
  • Correspondent-originated or bulk-purchased loans that only include an image of the CD
  • Manual post-closing data capture, which requires significant resource expense and QC

Our solution also addresses the following challenges:

  • Poor quality/later generation documents
  • Inconsistent terminology between CD and MISMO
  • Ongoing development and maintenance of translation logic in response to regulatory updates
  • Multiple iterations and copies of the CD per loan
  • Different CD and Addendum formats
  • GSE-required merging of buyer and seller UCDs prior to delivery
  • Embedding a CD image within the UCD XML.

If you don’t have a solution in place yet, you are behind schedule! To ensure UCD compliance, Contact Visionet today!

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Our Clients Work Done Automated System To help Lending Companies Comply with the GSE UDC Requirements