Prepare for April 23 Selling System Update
March 23, 2012
On Monday, April 23, 2012, you will see an updated version of the selling system that reflects the Uniform Loan Delivery Dataset (ULDD)-named fields and layout. To ensure that you’re ready for the update, you need to be aware that the selling system will look significantly different and that there are several topics that you need to review to fully prepare for the changes.
You will not be able to access the selling system from Friday, April 20 at 8 p.m. until Monday, April 23 at 8 a.m. ET while we update the selling system. Though the selling system will look very different on Monday morning, April 23, the status of your loans will not change – you will be able to pick up right where you left off on Friday evening. Be sure to review the information below and share it with others in your office.
Sell and Deliver
To prepare for the April 23 selling system changes, please review the new job aid, Prepare for the Selling System Conversion to the Uniform Loan Delivery Dataset (ULDD); it contains helpful information on the following topics, and more:
- Loan data conversion: All loan data in the selling system will be converted to the ULDD-compliant MISMO® v3.0 format. This means that not only will the selling system fields and layout look different, but all your loan data in the selling system will look different, too.
- Loan status remains the same: On Monday morning, April 23, you will be able to pick up right where you left off on Friday evening. The status of your loans on Friday, April 20 – whether Ready to Fund, Settlement Locked, or Funded – will remain the same when you access your loans on Monday morning.
- Pricing and locks do not change: Your loan pricing and locks that were in effect on Friday, April 20 will not be affected when your loan data is converted to the ULDD-compliant MISMO v3.0 format. All Mandatory Cash and Guarantor/MultiLender contracts that are active and in process before the data conversion will remain active on Monday, April 23.
- Best Efforts loans: After the selling system is updated, you will need to enter up to five additional data points for a Best Efforts loan with a New status before you submit the loan for evaluation.
- Export data in MISMO format: Your export data will be in the new ULDD-compliant MISMO v3.0 format. You will no longer be able to view your export data in the legacy Form 11/13SF format.
- Removal of historical data prior to 2010: To reduce the size of our database and ensure that the selling system can respond quickly to your searches and queries, all historical loan data entered before January 1, 2010 will be removed from the selling system.
Be sure to export loan data before Friday, April 20 if you need:
- Loan data in today’s format – Form 11, Mortgage Submission Schedule, and Form 13SF, Mortgage Submission Voucher (Forms 11/13SF), and/or,
- Loan data that was entered before January 1, 2010.
- Customer test environment (CTE): The CTE is a secure environment that provides a realistic representation of the April 23 version of the selling system. You can conduct end-to-end testing of your loan delivery processes under the ULDD requirements, whether you manually enter or import loans into the selling system.
Even if you plan to import loan data using your current Forms 11/13SF-compliant software or ULDD-verified software, we strongly encourage you to conduct CTE testing of import capabilities to familiarize yourself with the new edit messages and new loan screens, and to ensure your processes are working correctly.
- Purchase edits: The wording of the selling system purchase edits will change on April 23 to reflect the new ULDD terminology, even if you continue to use the Forms 11/13SF-compliant software to import your loans. Leveraging the CTE now will allow you to view the new purchase edits before April 23.
Selling System Transition Period
The April 23 selling system update begins the ULDD transition period, which ends on July 23, 2012 when the ULDD requirements for Phase I become effective for loan deliveries that have application received dates on or after December 1, 2011.
Beginning April 23, and throughout the ULDD transition period, you will be able to:
- Import loans using Forms 11/13SF 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.
More Information and Training Resources
Be sure to check out the following:
- Updated version of Selling Mortgages to Freddie Mac for Cash Using ULDD Training Manual, designed for customers working in the CTE from now until April 23.
- Selling system tutorials on the following topics: Loan Entry, Allocate & Evaluate Loans, Best Efforts Contracting, and Mandatory Cash Contracting – all available in April.
Please visit the ULDD Web page for more information and contact your Freddie Mac representative if you have any questions.