Mortgage document preparation vendor International Document Services Inc. (IDS) reports that its Uniform Closing Dataset (UCD) XML file has been certified to meet all UCD requirements by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac – ahead of the GSEs’ Sept. 25 deadline for UCD delivery.
To have its UCD XML file certified by the GSEs, IDS underwent an extensive testing process to ensure the data set was delivered in a GSE-acceptable format.
“With the implementation deadline for UCD looming, we knew we wanted to get ahead of the changes to ensure our clients have a seamless transition once implementation is required, and having our XML file certified by the GSEs is a major step in that direction,” says Mark Mackey, vice president and general manager of IDS, in a release. “To be the first mortgage document vendor to have its XML file certified by the GSEs is a testament to IDS’ commitment to keeping our clients ahead of the compliance curve and enhance their ability to deliver defect-free loan documents and data.”
According to the GSEs, the UCD “is a component of the Uniform Mortgage Data Program (UMDP), an ongoing effort by Fannie Mae and Freddie Mac at the direction of our regulator, the Federal Housing Finance Agency, to provide a common industry data set to support the Consumer Financial Protection Bureau’s closing disclosure.”
Beginning this fall, lenders selling to the GSEs will be required to submit the XML file, which includes a PDF copy of the closing disclosure (CD), prior to delivery of the final loan package for all loans with a Note Date on or after Sept. 25. In this initial phase, the GSEs will only require the borrower CD and associated data. After a year, lenders will then have to provide the seller CD and associated data in the UCD file, as well. The UCD XML file created by IDS is already capable of embedding and delivering the CD and data for both the borrower and the seller.
“The aim of the UCD is to provide the mortgage industry with consistency, clarity and transparency – all of which are also long-held goals for the mortgage industry – so this is one of the few instances where change is welcome,” Mackey adds. “IDS has always strived to provide our clients with strong LOS integrations to deliver a uniform experience that maintains the integrity of the data being exchanged, and the UCD simply helps us take that enterprise to the next level.”