Preparing for the Phase 2 ULDD
Are you getting ready for the Phase 2 Uniform Loan Delivery Dataset (ULDD)? It’s critical that you start your planning process now to ensure that you’re fully prepared for the implementation. As a reminder, you must begin collecting the Phase 2 ULDD data points for all loans with Application Received Dates on or after March 1, 2014, and delivered to Freddie Mac on or after August 25, 2014. Working together, we can continue to successfully build on the strong foundation of the ULDD by further improving data quality, accuracy, and consistency.
Freddie Mac will support your preparation efforts with tools, training and other resources. Over the course of the next year, we’ll assist you by describing the steps you need to take for a successful implementation. You can find a month-by-month checklist of important tasks to complete in the Preparing for ULDD Phase 2 calendar. Below, you’ll find information on your first steps.
Conduct Your Phase 2 ULDD Data Analysis
Your first step in preparing for a smooth implementation begins with conducting a thorough analysis of the Phase 2 ULDD data points.
Whether you deliver loan data directly from your own system, use a vendor to import the data, or manually enter the information, you and your team will need to complete the following action items:
- Review the data points in Appendix A – Freddie Mac XML Data Requirements V.3.1.0. You may also refer to the Excel version for easier data sorting and organizing: Appendix D – Freddie Mac XML Data Requirements Reference Tool V.3.1.0, including addenda.
- Determine which data points you currently collect and maintain in your systems or mortgage document files.
- Make sure that the data points that you collect meet the requirements stated within the ULDD specification (Appendix A), and in Chapter 17 of the Freddie Mac Single-Family Seller/Servicer Guide.
- Identify any data points that you do not currently collect.
- Develop a plan to capture the missing data; identify how and where the new data points should be collected and stored in your systems.
- For a complete list of Investor Feature Identifiers, review Guide Exhibit 34: Investor Feature Identifiers.
- Contact your Freddie Mac representative or 800-FREDDIE if you have any questions about the data points or the specification. It’s far better to clear up any confusion now, rather than later in your implementation process.
- Check our website for quarterly releases of the ULDD specification.
We’ll provide more information on your Phase 2 ULDD preparation steps in upcoming communications. In the meantime, be sure to review the following:
- Preparing for ULDD Phase 2 calendar.
- Phase 2 of the ULDD fact sheet.
- Exhibit 34: Investor Feature Identifiers.
- ULDD Questions and Answers, updated for Phase II.
- Freddie Mac’s ULDD Web page.
- Contact 800-FREDDIE or your Freddie Mac selling system representative with questions.
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.