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