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 loan closing 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. Since this is a new regulatory requirement, your existing Closing Disclosure form software is not capable of producing UCDs. Visionet’s CD2UCD Closing Disclosure software addresses this industry need by providing automatic UCD generation functionality. Our Closing Disclosure software uses existing Closing Disclosures, other loan documents, and even scanned images of documents to automatically create 100% compliant UCD files. Instead of spending hours painstakingly compiling and entering the require information yourself, our Closing Disclosure form software takes care of these time-consuming tasks for you.

Unlike other Closing Disclosure form software on the market, Visionet’s Closing Disclosure software 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 Closing Disclosure
  • Manual post-closing data capture, which requires significant resource expense and QC

Our Closing Disclosure form software also addresses the following challenges that most other Closing Disclosure software ignores:

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