LenderLive Document Services, a LenderLive Services LLC company, recently announced that Fannie Mae and Freddie Mac have certified their Uniform Closing Dataset (UCD) XML file as meeting all UCD requirements months ahead of the September 25 deadline for meeting all UCD certification and delivery requirements.
After undergoing detailed, extensive testing protocol to make sure the UCD XML file met all GSE requirements to deliver data and documents in a GSE acceptable format, the LenderLive UCD XML file is now able to embed and deliver closing disclosures (CD) as associated data to the borrower. They will also prepare the UCD with seller data as part of the 2018 requirement.
“Having our UCD XML file certified by the GSEs ensures that our clients will experience zero transition issues, complying with the upcoming requirements,” said Jonathan Kunkle, General Manager of LenderLive Document Services. “We have fully embraced the need and the ongoing benefits of the UCD initiative to provide standardization, transparency and consistency for the lending community."
The UCD is a part of the Uniform mortgage Data Program, which is an ongoing initiative by the GSEs at the direction of the Federal Housing Finance Agency to create a common industry dataset to support the Closing Disclosure requirements set by the Consumer Financial Protection Bureau.
Lenders selling loans to the GSEs with a note date on or after September 25, 2017 will be required to submit the UCD XML file, including a PDF copy of the CD, this fall, prior to delivery of the final loan package to the GSE. The GSEs will initially only require borrower CD and associated data, but will include lenders providing seller CDs and associated data in the UCD file as well after one year.