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

Our solution 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