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Uniform Closing Dataset High-Level Implementation Timeline

December 16, 2014

Freddie Mac and Fannie Mae (the GSEs) are providing more information on the timeline as well as recommendations for implementing the Uniform Closing Dataset (UCD), a common industry dataset that supports the Consumer Financial Protection Bureau's (CFPB) Closing Disclosure. In the future, the GSEs will collect the UCD on all loans they acquire from lenders.

Implementation Information

While the CFPB will require lenders to use the Closing Disclosure beginning August 1, 2015, the GSEs will provide the industry with additional time to implement the corresponding UCD and will not require delivery of the UCD in 2015.

In 2016, the GSEs will expect lenders to begin using the UCD in their internal processes. Because the UCD will be implemented by both lenders and settlement service providers, we recommend lenders begin working with their vendors and service providers to implement and use the UCD for data exchange. The GSEs will work with lenders and vendors on any issues they may encounter in their implementation prior to the UCD collection mandate.

We will share more details about the UCD in the coming months and provide supplementary resources including instructions on how to deliver the UCD, a delivery specification, a collection method, and a test environment. In addition to collecting the UCD, the GSEs will require delivery of the final Closing Disclosure as an embedded Portable Document Format (.PDF) document.

Benefits of Implementing the UCD Early

  • Promotes better data integration and consistency across the industry.
  • Allows all parties to use a consistent approach and language to describe the information on the Closing Disclosure.
  • Eliminates the need for various proprietary formats and communication mechanisms that can be costly to maintain and can lead to misinterpretation in the data.
  • Saves time since industry, legal, policy and MISMO experts have spent significant time and effort sifting through the CFPB's new regulation with a view to promoting alignment with the CFPB's regulation. Lenders and vendors can benefit from this collective effort.

The GSEs will continue to communicate to the industry as we periodically update the UCD implementation materials and resources that can be found on the FreddieMac.com and FannieMae.com websites.

For additional questions about the UCD, contact your Freddie Mac or Fannie Mae representative.

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