GSEs Updating Loan Delivery Systems to Support ULDD on April 23, 2012
April 3, 2012
On April 23, 2012, Fannie Mae and Freddie Mac (GSEs) will each release updates to their respective loan delivery applications to support the Uniform Loan Delivery Dataset (ULDD) requirements for all loan deliveries on or after July 23, 2012. To help you continue to make progress in transitioning to the ULDD-compliant data points and file format, the GSEs are reminding you of the updated delivery applications available later this month and are providing resources to support your implementation efforts. While April 23 begins the ULDD transition period, all loans delivered to either GSE on or after July 23, 2012, and with loan application dates on or after December 1, 2011, must comply with the Phase I ULDD requirements.
The GSEs are providing a variety of tools and training resources to help you transition to the ULDD, including job aids, testing tools, training webinars, and more. Taking advantage of the resources now will help your organization complete the transition process before the July 23, 2012 Phase I ULDD implementation date.
Selling System Changes on April 23
On Monday, April 23, you will see an updated version of the selling system that reflects the ULDD-named fields and layout. At the same time, all loan data in the selling system will be converted to the ULDD-compliant MISMO® v3.0 format. The selling system’s create/modify loan screen will look significantly different and we’ve added a new import XML functionality. It’s critical that your organization be fully prepared for the changes.
The customer test environment (CTE) is an essential tool for your ULDD preparation and provides a realistic representation of the April 23 version of the selling system. The CTE enables you to 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, the CTE will help you test your import capabilities and become familiar with the new edit messages and new loan screens to ensure your processes are working correctly.
In addition to the CTE, be sure to check out the following ULDD resources:
- Prepare for the Selling System Conversion to the Uniform Loan Delivery Dataset (ULDD): helps you prepare for the April 23 selling system changes.
- Best Practices for Best Efforts Commitments: assists you with how to use the Modify Best Effort Imports functionality, data required to create a loan/contract using "Quick Loan" and more best practices.
- Selling Mortgages to Freddie Mac for Cash Using ULDD Training Manual: provides information for customers working in the CTE from now until April 23.
- Coming soon: selling system tutorials on the following topics—Loan Entry, Allocate & Evaluate Loans, Best Efforts Contracting, and Mandatory Cash Contracting.
For more information, be sure to visit the Freddie Mac ULDD Web page.