Visionet Launches Closing Disclosure to Uniform Closing Dataset Conversion Solution
Visionet Systems, Inc., a leading provider of technology and technology-led BPO solutions to the real estate and mortgage industry, announced today that their CD-to-UCD conversion solution is now in full production. Visionet’s solution is the industry’s first complete end to end solution designed to ensure compliance with the Fannie Mae (FNMA) and Freddie Mac (FHLMC) Uniform Closing Dataset (UCD) initiative.
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. The UCD is the required set of data from the closing disclosure along with additional loan related data that, beginning in Fall 2017, all mortgage lenders who sell loans to FNMA or FHLMC will be required to deliver along with their traditional data and document packages.
“The Closing Disclosure form is often the result of multi-party collaboration including possible last minute changes.” Said Arshad Masood, CEO of Visionet Systems. “The final, executed closing disclosure is often scanned or in other formats that prevents easy conversion to data. Our solution encompasses all scenarios in a seamless conversion, regardless of format.”
The Visionet solution covers a number of specific but common scenarios where the data required to complete the Uniform Closing Dataset is not available to the lender immediately after closing. These scenarios include:
- Closing Disclosures modified at the closing table
- Document preparation vendors are unable to return derived or calculated data
- Scenarios where only an image of the executed CD is available
- Poor quality/later generation documents
- Inconsistent terminology between CD and MISMO
- Multiple iterations and copies of the CD per loan
- Different CD and Addendum formats
The Visionet solution provides a single solution for all lenders. Through the use of the CD2UCD.COM web portal or web services interface, lenders can deliver the executed Closing Disclosure and receive the completed Uniform Closing Dataset electronically.
“The Visionet solution is comprehensive and addresses the challenges in producing the UCD that lenders and the GSEs have acknowledged. It creates a single solution for UCD implementation.” Said David Gottdenker, VP of Financial Services, Visionet Systems. “With the extensive compliance requirements upon lenders, our CD2UCD solution is a simple and effective way to address the latest requirements.
About Visionet Systems, Inc.
Cranbury, NJ-based – Visionet Systems, Inc. is a full-service technology, consulting and business process outsourcing (BPO) company. Visionet delivers software solutions, services, and technology-led BPO products. These products are built on the best-of-breed philosophy to help its customers by increasing business agility, drive down costs, and reduce risks. Over the years, Visionet has engineered high performing and cost-effective solutions for its customers across diverse industries including banking, retail, insurance, distribution, and manufacturing, while building deep competencies in the mortgage Industry. Visionet is focused on delivering value and exceeding customer expectations. For more information, visit online at www.visionetsystems.com