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International Document Services Receives Certification from GSEs

International Document Services, Inc. (IDS), a mortgage document preparation vendor, announced its Uniform Closing Dataset (UCD) XML file has been certified to meet all UCD requirements by both Fannie and Freddie ahead of their September 25 deadline for UCD delivery.

IDS underwent an extensive testing process under Fannie Mae and Freddie Mac in order to get its UCS XML file certified. It had to be ensured that the dataset was delivered in a GSE-acceptable format.

“With the implementation deadline for UCD looming, we knew we wanted to get ahead of the changes to ensure our clients have a seamless transition once implementation is required,” said Mark Mackey, VP and general manager of IDS. “Having our XML file certified by the GSEs is a major step in that direction. To be the first mortgage document vendor to have its XML file certified by the GSEs is a testament to IDS’s commitment to keeping our clients ahead of the compliance curve and enhance their ability to deliver defect-free loan documents and data.”

According to the GSEs, the UCD is a component of the Uniform Mortgage Data Program (UMDP), an ongoing effort by Fannie Mae and Freddie Mac at the direction of the Federal Housing Finance Agency, to provide a common industry dataset to support the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure.

Starting this fall, it will be required for lenders selling to the GSEs to submit the XML file, which includes a PDF copy of the Closing Disclosure (CD), before delivery of the final loan package for all loans with a Note Date on or after September 25, 2017. In this initial phase, the GSEs will only require borrower CD and associated data. After a year, lenders will then have to provide the seller CD and associated data in the UCD file as well. The UCD XML file created by IDS is already capable of embedding and delivering the CD and data for both the borrower and the seller.

“The aim of the UCD is to provide the mortgage industry with consistency, clarity, and transparency–all of which are also long-held goals for the mortgage industry–so this is one of the few instances where change is welcome,” Mackey added. “IDS has always strived to provide our clients with strong LOS integrations to deliver a uniform experience that maintains the integrity of the data being exchanged, and the UCD simply helps us take that enterprise to the next level.”

About Author: Brianna Gilpin

Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation's leading diversified media and information services companies. To contact Gilpin, email [email protected].

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