Extension of ULDD Effective Date for Loan Deliveries
December 14, 2011
Today, the Federal Housing Finance Agency (FHFA) issued a press release announcing an extension to the Uniform Loan Delivery Dataset (ULDD) implementation dates to allow additional time and support a successful transition for the industry. The release announces that loans with an application received date on or after December 1, 2011, that are delivered to either GSE on or after July 23, 2012, (previously March 19, 2012) must meet the ULDD Phase I requirements.
The extension was driven by the complexities of the ULDD implementation and the importance of ensuring that lender, vendor, and GSE systems continue to work together successfully throughout this industrywide initiative. In conjunction with this change, the date on which the Freddie Mac selling system will be updated to reflect the ULDD-named fields and layout will now be April 23, 2012.
Please note, the change to the ULDD timeline does not impact the Uniform Collateral Data Portal® (UCDP®) effective dates, which remain unchanged.
Originate & Underwrite and Sell & Deliver
While the Phase I ULDD effective date for loan deliveries has changed, we continue to work diligently to support your implementation of the ULDD. We strongly encourage you and industry vendors to stay focused on your implementation efforts to ensure a smooth and successful transition to the Phase I ULDD requirements, as well as the UCDP delivery requirements.
Your ongoing efforts and attention are particularly critical given that the following ULDD dates and requirements remain unchanged:
- December 1, 2011: All loans with application received dates on or after this date must include the applicable ULDD data points for Phase I implementation.
- December 13, 2011: The Freddie Mac selling system customer test environment (CTE) is available to help you prepare for the implementation of the ULDD.
- August 1, 2012: All loans with application received dates on or after this date must include the additional two data points required by the Securities and Exchange Commission's (SEC) Rule 15Ga-1i. In addition, as announced in Guide Bulletin 2011-14, the ULDD data points for all secondary financing associated with loans sold to Freddie Mac will be mandatory for deliveries on or after this date.
- November 2012: All loan deliveries on or after this date must include the two additional data points required by SEC Rule 15Ga-1. The exact date will be communicated in early 2012.
In addition, the following UCDP dates remain unchanged:
- December 1, 2011: For all loans with application received dates on or after this date, the appraisal report form, if required, must be submitted to the UCDP prior to delivery, if the loans are delivered on or after March 19, 2012.
- March 19, 2012: For loans that must have an appraisal report form, appraisal deliveries on or after this date must have a "Successful" UCDP appraisal submission if the loan application received date is on or after December 1, 2011, even though a Doc File ID (ULDD data point Appraisal Identifier) is not required at delivery until July 23, 2012.
Selling System Transition Period
Your selling system transition period now begins on April 23, 2012, and ends on July 23, 2012, when the ULDD requirements for Phase I become effective for loan deliveries. With this change, you have additional time to manage your adoption of the ULDD requirements and familiarize yourself with the updated selling system.
Beginning on April 23, 2012, and throughout the selling system transition period, you will be able to:
- Import loans using Form 11, Mortgage Submission Schedule, and Form 13SF, Mortgage Submission Voucher, or the MISMO® v3.0 format. The selling system will automatically convert imported Forms 11/13SF into the MISMO v3.0 format and ULDD data points during this time period.
- Enter data manually using the ULDD data point equivalents for the data required on Forms 11/13SF, or the ULDD data points for Phase I.
- Export data using only the updated export templates that reflect the ULDD-named fields.
Please be assured that we are working closely with technology vendors to ensure that they will continue to support Forms 11/13SF until the new ULDD effective date of July 23, 2012. On this date, Forms 11/13SF will be retired.
If you have not done so already, we encourage you to register for one of our introductory CTE Web training sessions, Loan Entry and Evaluation with the ULDD, which is mandatory to gain access to the CTE. Once you complete the training, you will receive instructions on how to access the CTE, which previews the updated version of the selling system that will be available on April 23, 2012. In the CTE, you will be able to view the updated selling system screens, analyze your loan delivery process, test various functionalities, and familiarize yourself with the new purchase edits.
For More Information
We will issue a Single-Family Seller/Servicer Guide (Guide) Bulletin to incorporate the new ULDD effective date for loan deliveries, the revised transition period, and other requirements in early 2012.
Thank you for your ongoing attention and focus on the Uniform Mortgage Data Program®. We appreciate the tremendous amount of work that you and other industry participants have dedicated to this important effort. Please contact your Freddie Mac representative if you have questions.
i 76 Fed. Reg. 4489 (January 26, 2011) (to be codified at 17 CFR §240.15Ga-1)
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.