GSEs Delay Publication of ULDD Phase 3 Specification
April 1, 2014
In 2013, the GSEs published a preview of the Uniform Loan Delivery Dataset (ULDD) Phase 3 specification to provide advance notice to the industry. The ULDD Phase 3 preview specification contained the delivery data requirements to support the Consumer Financial Protection Bureau's rule implementing the "ability to repay" (ATR) provisions of the Truth-in-Lending Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
And on March 11, 2014, the GSEs published the Uniform Closing Dataset (UCD), which also contains many of the new data points that will be required to support loans subject to the ATR rule.
Given the overlap of data points between ULDD Phase 3 and the UCD, the GSEs will defer publishing the final ULDD Phase 3 specification to avoid confusion. We understand that implementing several Uniform Mortgage Data Program (UMDP) initiatives requires significant time and resources for our partners; one of our goals is to allow sufficient time for the industry to prepare for all UMDP initiatives.
We will provide more information on the ULDD Phase 3 specification and implementation at a later date.
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.