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Guide Chapter A17 Becomes Chapter 17 with Guide Bulletin 2012-15

July 20, 2012

The culmination of your diligent work and preparation on the Phase I Uniform Loan Delivery Dataset (ULDD) implementation is just days away. To further support your successful implementation of the ULDD, Single-Family Seller/Servicer Guide (Guide) Bulletin 2012-15 updates our ULDD resources that support our ULDD requirements which become effective July 23, 2012.

Today's Guide Bulletin also provides important information about the use of Hardest Hit Fund (HHF) program funds, fraud prevention and electronic transactions.

Originate & Underwrite and Sell & Deliver

  • Making ULDD data our standard delivery requirements. To solidify our implementation of the ULDD requirements, we are transitioning all of the ULDD delivery requirements, currently in Guide Chapter A17, Mortgage Delivery Instructions, into a new version of Guide Chapter 17. This change is in line with the ULDD Phase I July 23, 2012, implementation date and makes it easier for you to access the ULDD requirements. All cross-references to Chapter "A17" in the Guide will be updated to reflect Chapter "17."

    In addition, other instructions and clarifications will be available in the new version of Chapter 17 based on the recent implementation of the ULDD in the selling system.

  • Updating Appendix A Addendum. It is important that you review the updated Appendix A Addendum and the changes marked "7/20/2012" to become familiar with the minor updates to the ULDD data delivery requirements for mortgages with application received dates on or after August 1, 2012, and delivered on or after November 26, 2012. The updated Appendix A Addendum also includes other important Appendix A changes you need to be aware of.
  • Important selling system reminders. With the ULDD implementation on July 23, it is critical that you be aware of the following:

    • Guide Forms 11, Mortgage Submission Schedule, and 13SF, Mortgage Submission Voucher, have been retired and you will no longer be able to deliver loans using these legacy formats.

    • Beginning July 23, 2012, the appraisal data you enter into the selling system for loans with application received dates on or after December 1, 2011, must match the appraisal data entered into the Uniform Collateral Data Portal® (UCDP®). The selling system compares a limited set of data points in the UCDP against the data provided in the selling system based on the Appraisal Identifier entered into the selling system. If the data entered in the selling system does not match the data in the UCDP, you will need to either update the data in the selling system or resubmit the correct appraisal data to the UCDP.
    • Until August 1, 2012, the selling system will deliver a warning message if the field for Application Received Date is blank and the note date is on or after March 1, 2012. Beginning August 1, the selling system will deliver a critical edit, and you will be prompted to fill in the Application Received Date. If the date is on or after December 1, 2011, you must complete the full ULDD dataset.

    • Beginning August 1, 2012, for mortgages delivered on or after November 26, 2012, you must capture the two additional data points required by the Securities and Exchange Commission's Rule 15Ga-1* as announced in Guide Bulletin 2012-03. *SEC Rule 15Ga-1 76 Fed. Reg. 4489 (January 26, 2011) (to be codified at 17 CFR §240.15Ga-1)

    • The ULDD data points for all secondary financing associated with loans sold to Freddie Mac will be mandatory for deliveries on or after August 1, 2012, as announced in Guide Bulletin 2011-14.

  • Fraud prevention, detection, and reporting reminders. If you are aware of fraud or possible fraud taking place in the origination or servicing of a Freddie Mac mortgage, you are required to report these incidents to Freddie Mac. Please refer to Guide Chapters 7 and 57 for our complete requirements for fraud prevention, detection, and reporting.

Please review today's Guide Bulletin for other important updates and reminders, including the use of HHF program funds with Freddie Mac Relief Refinance MortgagesSM; the selling system user guides no longer being considered Purchase Documents; and changes to our electronic transaction terminology.

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