Get Ready for ULDD Phase 2: Selling System Updates on May 19
May 8, 2014
The Freddie Mac selling system will be updated with the Uniform Loan Delivery Dataset (ULDD) Phase 2 requirements on Monday, May 19, 2014, marking the beginning of the transition period, which ends August 24, 2014. During the transition period, you may deliver the ULDD Phase 2 data points as soon as you are ready. However, the ULDD Phase 2 requirements become effective for all loans with Application Received Dates on or after March 1, 2014 and delivered on or after August 25, 2014.
While we update the selling system, it will be unavailable from 8 p.m. Friday, May 16, to 8 a.m. Monday, May 19.
Prepare for the Transition Period Now
Check "Funded" status: If you have contracts due to fund around the conversion weekend, ensure your loans are in a "Funded" status by 2:30 p.m. on Friday, May 16 to avoid any unforeseen system conversion issues.
- Help ensure smooth loan processing: If you deliver any of the Phase 2 data points on a loan, you will receive Phase 2 edits. After May 19, if the loan is re-evaluated for any reason, including for a post-funding data correction, you will receive Phase 2 edits. Follow these guidelines:
- Phase 1 edits: If a loan should receive Phase 1 edits – deliver only the applicable data points Required or Conditionally Required for Phase 1.
- Phase 2 edits: If a loan should receive Phase 2 edits – ensure you deliver all of the applicable Phase 2 data points and enumerations, accurately and completely.
- Note Optional Phase 1 data points: Some Phase 1 Optional data points will be activated in Phase 2, so if you deliver any of those Phase 1 Optional data points on or after May 19, regardless of the Application Received Date, you will receive Phase 2 edits. For example, many lenders currently deliver one or more of the following Phase 1 Optional data points:
- Property Valuation Form Type (Sort ID 85)
- Disclosed Index Rate Percent (Sort ID 312)
- Employment Borrower Self Employed Indicator (Sort ID 600)
- Total Mortgaged Properties Count (Sort ID 244)
- Refinance Cash Out Amount (Sort ID 293)
- Borrower Reserves Monthly Payment Count (Sort ID 287)
Review the ULDD Phase 2 Data Points job aid for more information.
- Review training tools: Prepare with the following new resources:
Use the CTE: Use your existing login to leverage the Customer Test Environment and test your loan delivery processes, including import, manual entry and modification, clearing purchase edits, note certification, and export functionalities.
Use the updated ULDD Post-Funding Data Correction form: Look for the updated form available May 19; use the new form for post-funding data corrections required on any ULDD Phase 1 or Phase 2 loan.
- Note changes for manual entry: If you enter data manually into the selling system, you will notice the following changes on May 19:
- Some screens will change, such as the Create/Modify Loan screen.
- You'll see only the ULDD data points that are Required or Conditionally Required for Phase 2.
- Phase 1 Optional data points that are not being activated in Phase 2 will be removed; we encourage you to stop delivering these data points now.
For More Information
- Refer to the Prepare for the ULDD Phase 2 Conversion and ULDD Phase 2 Data Points job aids.
- Take the tutorial, Get Ready for ULDD Phase 2.
- Take the Selling System Updates, 2nd Quarter 2014 training module.
- Access the updated Post-funding Data Correction Form, available May 19.
As always, please contact your selling system representative or 800-FREDDIE if you have questions.