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GSEs Developing Standardized Dataset to Support CFPB’s Closing Disclosure Form

July 30, 2013

Freddie Mac and Fannie Mae (the GSEs) are working together to provide a common industry dataset to support the Consumer Financial Protection Bureau’s (CFPB) proposed Closing Disclosure form. For information about the CFPB’s Closing Disclosure form, please visit their web page, Know Before You Owe.

The GSEs’ common industry dataset that supports the CFPB’s form is called the Uniform Closing Dataset (UCD), and is a component of the Uniform Mortgage Data Program® (UMDP®). The UMDP is an ongoing effort by the GSEs, at the direction of the Federal Housing Finance Agency, to enhance the accuracy and quality of loan data. Similar to other UMDP initiatives, the UCD will rely on the Mortgage Industry Standards Maintenance Organization® (MISMO®) data standards that are already well-established in the industry.

The GSEs’ support of the CFPB’s Closing Disclosure form is a continuation of their ongoing UMDP efforts to standardize the way loan data is defined, captured and delivered in the mortgage industry. The GSEs are building upon the strong foundation established over the last two years with loan delivery and appraisal standardization efforts through the UMDP. Supporting the CFPB’s Closing Disclosure form is a critical and integral component to strengthening the mortgage industry with greater transparency and consistency.

The UCD – Coming Soon

The GSEs will publish the UCD after the CFPB publishes their Final Rule for the Integrated Mortgage Disclosures Regulation, which includes the Closing Disclosure form. The UCD will contain the standardized data requirements for electronically implementing the form. We are currently in the process of gathering input on a draft data specification from a targeted set of industry participants, including lenders, technology vendors, forms vendors and settlement service providers. We will be working closely with lenders and other industry participants to help support the full implementation of the UCD.

Assuming publication of the final rule this fall, more information will be available later in 2013 on the implementation plans, specifications, and resources available to transition to the new dataset.

If you have any questions, please contact your Freddie Mac representative.