Veros and IDS Partner on Solution for GSEs UCD Data Submissions

NationalMortgageProfessional.com

Apr 17, 2018

Veros Real Estate Solutions and International Document Services (IDS) have announced a partnership to provide lenders with a fully-integrated automated delivery solution for submitting the Uniform Closing Dataset (UCD) to the Government Sponsored Enterprises (GSEs).

The Veros and IDS partnership creates a fully integrated UCD data file creation solution and submission solution. By offering lenders a single, integrated solution–similar to the Uniform Collateral Data Portal (UCDP)–and combining IDS’s UCD XML file creation capability with Veros’ Pathway UCD submission system, both Veros and IDS ensure full compliance with the GSEs’ June 25, 2018 mandate.

"IDS is widely recognized as a leader in the mortgage document preparation space, and we are pleased to partner with them to provide lenders with a single, integrated solution to ensure compliance with the GSEs’ upcoming UCD data submission requirement changes,” said Robert Walker, CMB, CMT and Vice President of Sales at Veros.

Both GSEs are recommending that lenders prepare for the change by submitting “Successful” UCD files prior to delivering their loans, as appropriate. In response to the joint announcement from January, IDS has updated its proprietary idsDoc platform to support the directive and issued a press release on April 11, 2018 urging lenders to begin troubleshooting UCD files that resulted in a “Not Successful” status.

“IDS has been gathering feedback from our clients in an effort to error-proof the UCD submission process before the upcoming changes,” said Matthew Mackey, Director of Sales and Marketing at IDS. “Veros’ expertise in working with automation and providing the technology powering the UCDP make them an excellent partner not only in this endeavor, but also in our overall goal to make idsDoc as seamless and efficient as possible for our clients.”

Link copied

Published

Apr 17, 2018

Regulation and Compliance

CFPB Slaps Bank Of America With $12 Million Penalty For False Mortgage Data Reporting

For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions.

The Consumer Financial Protection Bureau (CFPB) issued a $12 million penalty against Bank of America for submitting inaccurate mortgage lending information to the federal government. The consent order issued Tuesday says that for a period of at least four years, Bank of Ame...

Regulation and Compliance

Rising Home Values Propel Higher Loan Limits

FHFA Announces 5.6% Increase in Conforming Loan Limits for 2024

The baseline conforming loan limit for one-unit properties under government-sponsored enterprise mortgages in 2024 will rise to $766,550, marking a 5.6% increase from the current limit. In high-cost areas, the GSE loan limit for one-unit properties will reach as high as $1.1...