Visionet Systems has completed file validation to enable submission of electronic loan data to Fannie Mae’s UCD collection solution. Through comprehensive testing, Fannie Mae has confirmed that Visionet’s CD2UCD solution was developed in accordance with their requirements for the Uniform Closing Dataset.
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 our regulator, the Federal Housing Finance Agency (FHFA), to provide a common industry dataset to support the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure.” Starting Sept. 25, 2017, mortgage lenders will be required to deliver UCD XMLs to Fannie Mae and Freddie Mac.
Visionet’s CD2UCD simplifies the delivery process by automatically generating the UCD from existing loan documents. It manages creation, validation, and delivery of the UCD, and ensures compliance with each GSE’s current and future requirements. The result of over two years’ research and development, CD2UCD is already configured to embed PDF file within the UCD and incorporate sellers’ disclosures, ahead of the respective 2018 deadlines for those features. CD2UCD also handles many common challenges such as different Closing Disclosure (CD) and addendum formats and inconsistent terminologies between the CD and MISMO, and validates UCDs created by other vendors.
“Our CD2UCD solution facilitates UCD compliance when a lender’s loan origination system or document preparation provider can’t perform this task, when the underlying CD data is not available, or when documents are of poor quality,” said Arshad Masood, Chief Executive Officer at Visionet Systems. “It also mitigates the risk of the embedded CD document image not matching the UCD XML data. As a verified Fannie Mae Technology Solution Provider, our customers can rest assured that they’ll be ready to comply with the UCD mandate.”
