Visionet Systems Introduces New ‘CD To UCD’ Conversion Solution

Posted by Patrick Barnard on October 07, 2016 No Comments
Categories : Residential Mortgage

Visionet Systems Inc. reports that it has built a software application that converts the data contained in any closing disclosure to the Uniform Closing Dataset (UCD) standard developed by Fannie Mae and Freddie Mac.

This is the first complete end-to-end solution designed to ensure compliance with Fannie and Freddie’s UCD initiative, the company said in a press release.

“The closing disclosure form is often the result of multi-party collaboration including possible last minute changes,” said Arshad Masood, CEO of Visionet Systems. “The final, executed closing disclosure is often scanned or in other formats that prevents easy conversion to data. Our solution encompasses all scenarios in a seamless conversion, regardless of format.”

The Visionet solution accounts for numerous instances where the data contained in a closing disclosure does not match the formatting established under the UCD.

For example, sometimes closing disclosures are modified at the closing table, resulting in data added that does not match the UCD standard.

What’s more, document preparation vendors are sometimes unable to return derived or calculated data.

It also resolves scenarios where only an image of the executed closing disclosure is available.

In addition, it can be used to help resolve inconsistent terminology between a closing disclosure and the MISMO data standard.

It can also be used to correct disparities in earlier versions of the closing disclosure, if multiple versions were issued to the consumer, and bring those in line with the UCD.

“The Visionet solution is comprehensive and addresses the challenges in producing the UCD that lenders and the GSEs have acknowledged. It creates a single solution for UCD implementation,” said David Gottdenker, vice president of financial services for Visionet Systems. “With the extensive compliance requirements upon lenders, our CD2UCD solution is a simple and effective way to address the latest requirements.”

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