Advanced Notice on New ULDD Data Requirements for Delivery in November 2012
November 10, 2011
Freddie Mac and Fannie Mae (the GSEs) are notifying you about a future Uniform Loan Delivery Dataset (ULDD) data collection requirement to enable you to appropriately plan for upcoming changes.
As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and Exchange Commission (SEC) issued SEC Rule 15Ga-1i, which requires all securitizers, including the GSEs, to publicly disclose information regarding ABS loan repurchase requests. One of the requirements of this Rule is to disclose the identity of the entity funding the applicable loan, as recorded on the note.
To comply with the SEC rule, the GSEs will require lenders to deliver the following new ULDD data points beginning November 2012:
- PartyRoleType="NotePayTo", and
- FullName, enter the name of the entity funding the applicable loan, as recorded on the note.
From a business perspective, you will need to determine how to capture this data through your business processes – including all your business channels – and deliver it to the GSEs in November 2012. These data points will be required for all loans with an application received date of August 1, 2012, and delivered in November 2012. From a technical standpoint, this effort will involve an additional PARTY container at the DEAL level.
You will receive complete details about the requirement, including technical specifications, in an upcoming communication by year-end.
Freddie Mac Phase I ULDD Clarifications
At the same time that we provide you with more information about the SEC-required data points, Freddie Mac will also publish an update to the Appendix A Addendum. The update will provide you with additional guidance and clarification, including several "clean up" items for data points required for Phase I of the ULDD. These requirements are in addition to those items communicated in the original publication of the addendum on August 4, 2011.
The updated Appendix A Addendum will not add new data points to the Phase I ULDD requirements; this is simply an effort to provide Sellers and vendors with greater clarity on the ULDD data requirements in response to feedback we’ve received. The updates to Appendix A Addendum apply only to Freddie Mac deliveries and not to Fannie Mae deliveries.
The GSEs encourage you to continue preparing for the Phase I ULDD implementation. For more information about the ULDD and supporting tools and resources, please visit the Freddie Mac Uniform Mortgage Data Program website.
*This communication relates to the Uniform Mortgage Data Program®, an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of their regulator, the Federal Housing Finance Agency.
i 76 Fed. Reg. 4489 (January 26, 2011) (to be codified at 17 CFR §240.15Ga-1)