ULDD Phase 2 Preparation Tips and Training Resources
November 13, 2013
Today we’re providing information and resources to help you continue to prepare for the Uniform Loan Delivery Dataset (ULDD) Phase 2 implementation. As a reminder, you must begin collecting the ULDD Phase 2 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.
The ULDD transition period takes place from May 19 to August 25, 2014. During the transition period, you may begin delivering the applicable Phase 2 ULDD data points via manual entry or data import. Note, however, if you choose to deliver any Phase 2 data points prior to August 25, 2014, the selling system will expect all of the applicable Phase 2 data points, and the loan will be validated against the Phase 2 requirements.
Update Your Business Processes
You should now be wrapping up your business process evaluation. For more information, be sure to read the August 22 Single-Family News Center article.
Now it's time to update your business processes to ensure that you can successfully capture and deliver the Phase 2 data points to Freddie Mac. You should complete the following tasks:
- Update your systems and processes to collect the additional data for ULDD Phase 2. Check with your technology vendor on their system development progress in support of ULDD Phase 2.
- Ensure that loan data can flow smoothly through all business areas, including loan production, operations and controls, packaging, shipping, and delivery.
To help you prepare further, you and your team can now take the online tutorial, Are You Ready for ULDD Phase 2?
Tips to Support Your Phase 2 Implementation
- Phase 2 data points: Review our job aid for a list of Optional data points that will become Required or Conditionally Required, as well as Investor Feature Identifier values that will become root data points with the Phase 2 implementation.
- Ensure your data is accurate: Loans sold with the ULDD Phase 2 data points that are evaluated prior to the start of the transition period – May 19, 2014 – and fund after the start of the transition period, will not be evaluated against the edits for the Optional data points that will be activated for Phase 2. However, these loans will be subject to post-funding data evaluation based on those data points. As with all your loan delivery data, please ensure that the data you deliver is accurate, so you can avoid the time and effort involved with post-funding data corrections.
- Customized export files – Do you use customized export data sets to extract your selling system loan delivery data? If so, and your customized exports contain any of the Phase 1 Optional data points that will not be Required or Conditionally Required in Phase 2, you will need to remove them from the export file when the selling system is updated with the ULDD Phase 2 data points on May 19, 2014. If you want to add any of the Phase 2 data points, you will be able to add them to your customized datasets beginning May 19, 2014. For easy instructions on modifying existing export files, review our updated job aid, Modify a Customized Export Data Set. To create a new customized export data set, see our job aid, Export Your Loan Data.
- Selling system tips – We’re committed to continually enhancing your experience with the selling system. Be sure to review the latest tutorial to learn about changes and for helpful tips and best practices.
- Tutorial: Are You Ready for ULDD Phase 2?
- ULDD Phase 2 Data Points job aid
- Modify a Customized Export Data Set job aid
- Preparing for ULDD Phase 2 calendar, with a monthly checklist of important tasks
- Selling System Updates, Tips, and Best Practices – 3rd Quarter 2013 tutorial
As always, please 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.