To ensure full compliance with the Uniform Closing Dataset (UCD), Wipro Gallagher Solutions‘ (WGS) NetOxygen loan origination system now directly integrates with the UCD tools offered by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
In a release, WGS says it was proactive in carrying out this integration so as to seamlessly deliver UCD compliance well ahead of the September deadline.
A required industry data set based on the Mortgage Industry Standards Maintenance Organization 3.3 standards, UCD allows information on the Consumer Financial Protection Bureau’s closing disclosure form to be communicated electronically, thereby providing accuracy, consistency and clarity on loan transactions.
The UCD must be submitted to the GSEs for validation of loans with a note date on or after Sept. 25.
UCD submission must occur prior to the Uniform Loan Delivery Dataset.
The integration not only allows users of NetOxygen to adhere to industry compliance standards, but also enables them to submit a file from NetOxygen’s delivery manager for GSE consumption.
NetOxygen also enables the file to be extracted manually for downstream aggregators.