Recently, Freddie Mac and Fannie May issued an update on requirements for the UCD. Currently, the GSE’s loan systems issue a warning if the Uniform Closing Dataset (UCD) file is inaccurate or incomplete. As stated by Freddie and Fannie, warnings from the GSEs for missing UCD information are going to become critical/fatal June 25, 2018. Files that would have received the warning prior to the June deadline will no longer be accepted past that date.
Fannie and Freddie recommend lenders prepare for the change “by submitting UCD files prior to delivering their loans, as appropriate.”
IDS, Inc. is focused on remaining on top of this news and ensuring that the idsDoc System is prepared for this change. Our clients are invited to let us know the warnings they are receiving and what is triggering them. Due to the customizable features of IDS, different clients may receive different warnings based upon their customizations and system settings. The more we know, the more we can prepare for the change to ensure that the loan process continues to run smoothly for our clients. IDS may add audits, notes, or notifications to assist lenders in assuring that their UCD XML file submissions are successful, even with the change coming in June. To report the information to IDS, Inc., please submit a ticket to service or client support. Please include the file name, screen shots of the warnings you receive, which GSE you are submitting to, and the estimated time/date of submission.
The UCD was created to allow loan information to be communicated electronically, as well as to encourage consistency and accuracy in the loans provided for the single-family. Though the UCD file is the same for both Fannie and Freddie, each uses a different method of collecting the data from the file. Because of this, IDS encourages our clients to keep an eye on the differences in the warnings they may receive from each individual GSE. To ensure successful loan deliveries, lenders will have to submit accurate and complete UCD XML files.
Further resources can be found at Freddie Mac and Fannie Mae's websites.