To enhance data quality and standardization, the Federal Housing Finance Agency (FHFA) has directed the Government Sponsored Enterprises (GSEs), Fannie Mae (FNMA) and Freddie Mac (FHLMC), to undertake the multi-year Uniform Mortgage Data Program (UMDP). The uniform closing dataset (UCD) is a mandatory component of the UMDP. Beginning on September 25, 2017, all mortgage lenders who sell loans to FNMA or FHLMC will be required to deliver GSE-compliant uniform closing dataset XML along with their traditional data and loan closing document packages.
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 technology providers may not be capable of producing UCDs. CD2UCD, Visionet’s CD2UCD solution addresses this industry need by providing automatic UCD generation functionality.
Technology Solution Provider with Fannie Mae and Freddie Mac
Visionet’s CD2UCD TRID compliance software uses existing Closing Disclosure documents to automatically create 100% compliant UCD files. Unlike other TRID closing disclosure software, CD2UCD handles poor quality, scanned, copied or damaged documents, and can even deliver the completed UCDs to either GSE on your behalf. Instead of spending hours painstakingly compiling and entering the required information yourself, our Closing Disclosure form solution takes care of these time-consuming tasks for you.
CD2UCD is an approved Freddie Mac Technology Integration Vendor and a Fannie Mae Technology Solution Provider.
Automatically generate and validate your UCD XML to achieve 100% compliance
Unlike other UCD solutions on the market, CD2UCD addresses:
- 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
CD2UCD also addresses the following challenges:
- 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 of the Closing Disclosure per loan
- Variations in Closing Disclosure and Addendum formats
And, CD2UCD is already configured for the following deferred GSE requirements:
- Embedding the Closing Disclosure PDF within the UCD XML.
- Merging of buyer and seller UCDs prior to delivery (“split disclosure”)
The UCD mandate has become mandatory as of September 25, 2017. Failure to comply will negatively impact your business.
If you don’t have a UCD solution yet, immediate action is required. To ensure UCD compliance, Contact Visionet today.