Visionet Systems, a provider of technology solutions and business process outsourcing services for the mortgage industry, has become a verified technology integration vendor for Freddie Mac’s Loan Closing Advisor platform. Visionet’s CD2UCD solution was tested to ensure that its interface was developed in accordance with Freddie Mac’s requirements for the Uniform Closing Dataset (UCD).
The UCD is a common collection of data that mortgage lenders will be required to deliver digitally to Freddie Mac and Fannie Mae starting on Sept. 25. This requirement is part of the Uniform Mortgage Data Program (UMDP) – an industry-wide drive to build a better housing finance system in the U.S.
CD2UCD simplifies the closing process by automatically generating the UCD from existing loan documents supplied by lenders, according to Visionet. It addresses many common challenges that arise during UCD preparation, such as embedding a closing disclosure image within the UCD XML. It also handles the government-sponsored enterprise-required merging of buyer and seller UCDs prior to delivery, caters to different closing disclosure and addendum formats, and addresses inconsistent terminologies between the closing disclosure and MISMO.
“Our CD2UCD solution facilitates UCD compliance when a lender’s legacy loan origination system can’t perform this task, or where a correspondent lender lacks the closing disclosure data and documents are of poor quality,” says Arshad Masood, CEO of Visionet Systems. “As a verified technology integration vendor, our customers can rest assured that they’ll be ready to comply with the UCD mandate.”