Fannie Mae (FNMA) and Freddie Mac (FHLMC) have undertaken a multi-year program called Uniform Mortgage Data Program (UMDP) to enhance data quality and standardization. The Uniform Closing Dataset (UCD) is the effort within UMDP to provide a standard format for communication of the loan closing data represented on the final Closing Disclosure (CD) document. UCD is a MISMO-compliant XML format, but with extra requirements such as special field order and enumerations mandated by the GSEs. Beginning in 2017, all mortgage lenders who sell loans to FNMA or FHLMC will be required to deliver a UCD along with their traditional data and document packages. The Visionet solution covers several specific, but common scenarios where the data required to produce a UCD is incomplete orunavailable. These include:
In addition, our solution addresses the following challenges:
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