Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac have revised the effective dates of the Federal Housing Finance Agency's (FHFA) Uniform Mortgage Data Program (UMDP), providing additional time for the industry to meet the full UMDP requirements. Announced in May, the UMDP is an effort by the GSEs to standardize data quality.
‘We are more closely aligning the effective dates of the Uniform Loan Delivery Dataset (ULDD), the Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP) to provide lenders with greater flexibility for planning and successfully implementing the UMDP,’ Freddie Mac explained in an advisory Thursday. ‘We continue to focus on our system updates to enable lenders to test and/or implement submission of appraisal and loan delivery data under the UMDP requirements ahead of the required implementation dates.’
Under the revised implementation dates, lenders must collect the new ULDD data points required for the first phase of implementation by Dec. 1, 2011. All conventional loan deliveries to the GSEs must meet the UMDP requirements by March 19, 2012.
SOURCE: Freddie Mac