Challenges in meeting the GSE mandate for uniform closing dataset (UCD) delivery
Is your organization prepared for mandatory delivery of the Uniform Closing Dataset (UCD) to the GSEs starting in Q3 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 compliant UCD XML if:
- A CD is produced or modified by the closing agent.
- A CD is included in a correspondent or bulk acquisition loan package.
- Your document vendor does not return calculated or derived data fields.
- You rely on manual selection of the proper CD version to include in the UCD.
Don’t assume your LOS provider or document vendor will “take care of it”! Remember TRID? Even the best technology cannot address all the possible scenarios in the origination process. The only way to be 100% sure your UCD is compliant is to leverage the executed document itself.
CTO Consumer Lending
Vice President, Financial Services