- As part of their Uniform Mortgage Data Program, or UMDP, Fannie Mae and Freddie Mac will begin requiring Closing Disclosures to be delivered in the new Uniform Closing Dataset (UCD) data format beginning in September 2017.
- This new requirement has been mandated to enhance data quality and promote standardization.
- Current loan origination software lacks the ability to generate UCDs from existing closing disclosures or other loan documents, requiring many mortgage firms to resort to manual re-entry or other inefficient, expensive, and labor-intensive methods. And human error may still result in a CD image which doesn’t match the UCD data – a compliance violation!
- However, thanks to the industry experts at Visionet Systems, an elegant and efficient solution is here.
- Introducing CD2UCD, a complete solution for fully GSE-compliant Uniform Closing Dataset generation.
- CD2UCD is the first document vendor- and loan origination system-agnostic tool designed to address the issue of UCD compliance, and addresses many common challenges.
- Whether a closing disclosure document is included in a purchased loan package with no supporting data, modified by the closing agent, or produced by a document preparation vendor which fails to provide derived or calculated data, CD2UCD overcomes UCD preparation pitfalls with ease.
- With support for multiple CD versions, inconsistent terminology between the closing disclosure and MISMO, and differently-formatted closing disclosure and addenda, CD2UCD provides thoughtfully-designed, easy-to-use features that do all the heavy lifting for you.
To beat the crowds and avoid non-compliance, make sure you have CD2UCD deployed in your operation before the mandate!