Update: GSEs Developing Standardized Dataset to Support CFPB’s Closing Disclosure Form
Updated November 26, 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
Now that the CFPB has issued its final rule, we will revise our dataset to conform to the final rule and the final Closing Disclosure Form. We will also incorporate the industry feedback we received, as appropriate. We are working diligently to publish the dataset as quickly as possible so that lenders and vendors can incorporate the dataset with their implementation of the form. The GSEs intend to collect this dataset from lenders in the future. However, the method or timeline for data collection has not yet been determined. We are currently working on a data collection plan that promotes efficiencies within the industry and will be reaching out to industry participants for input into the future data collection process. We will provide the industry more information on the GSE data collection method and timeline in the future.
If you have any questions, please contact your Freddie Mac representative.