Describes the new B2B integration platform and how it will support the collection and delivery of the Uniform Closing Dataset (UCD).
To assist lenders and vendors with their Uniform Closing Dataset (UCD) planning and implementation timelines, the GSEs are announcing they will require delivery of the UCD in Q3 2017 for all loans acquired by Fannie Mae or Freddie Mac.
The Uniform Closing Dataset (UCD) is an ongoing effort by Fannie Mae and Freddie Mac to provide a common industry dataset to support the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure.
The Uniform Collateral Data Portal (UCDP) is a technology application through which lenders electronically submit appraisal reports for conventional mortgages to be delivered to Fannie Mae or Freddie Mac.
The Uniform Appraisal Dataset (UAD) was jointly established by Fannie Mae and Freddie Mac to provide common requirements for appraisal data.
The Uniform Loan Delivery Dataset (ULDD) was jointly established by Fannie Mae and Freddie Mac to provide common requirements for loan delivery data.
Fannie Mae and Freddie Mac are revising and redesigning the Uniform Residential Loan Application (URLA) and developing a corresponding standardized dataset, the Uniform Loan Application Dataset (ULAD). The revised URLA form will provide lenders and borrowers with greater clarity and an easier, more consumer-friendly loan application.
Fannie Mae and Freddie Mac announced that the UCD data will be required in Q3 2017. As a reminder, each GSE will have separate system implementation and testing timelines for their own collection solution.
The GSEs have published a Monthly Update to the UCD Appendices A/B and H/I, providing implementers with timely notice of UCD corrections. Changes will be published on the last Tuesday of each month, then included in the next full release of the UCD documentation.