GSEs Publish Updates to the UCD Specification and Resources
November 17, 2015
The Uniform Closing Dataset (UCD) is a common industry dataset that allows information on the Consumer Financial Protection Bureau’s Closing Disclosure to be communicated electronically. Freddie Mac and Fannie Mae (the GSEs) have developed the UCD at the direction of the Federal Housing Finance Agency as part of the Uniform Mortgage Data Program® (UMDP®), an ongoing initiative to enhance loan quality and consistency through uniform loan data standards for the single-family loans the GSEs purchase.
The GSEs have published updates to the UCD specification, including Appendix A: Closing Disclosure Mapping to the MISMO v3.3.0 Reference Model v1.4 and Appendix H: UCD Delivery Specification v1.2. The GSEs expect lenders and software solution providers to implement and deliver this version of the UCD specification to Freddie Mac and Fannie Mae. The updates include:
- Several newly added data points
- Changes to conditionality for several data points
- Changes/additions to the enumerated values
- Updates to conditionality details
For more details on the specification updates, please refer to the “Read Me” and “Updates” tabs in both Appendices A and H.
Additionally, the GSEs have refreshed the supporting UCD resources, adding a new sample use case and XML file for an interest-only refinance. The new use case also demonstrates an acceptable method for reflecting principal reductions (curtailments) and gifts and grants on the Closing Disclosure Alternate form for refinances. See the UCD FAQs on each GSE’s website for more information.
UCD XML File
When implementing the UCD, lenders, vendors, and service providers should take the following into consideration:
- The GSEs will confirm that the UCD XML file is well-formed and validates against the MISMO Version 3.3.0 Reference Model (v3.3.0_CR_2014-02), available on the MISMO website.
- The UCD XML file must comply with the data requirements provided in Appendix H: UCD Delivery Specification v1.2.
- The UCD XML file must contain a copy of the most accurate Closing Disclosure provided to the Borrower and Seller as an embedded Portable Document Format (.PDF) document. The Closing Disclosure and UCD XML file must represent the agreed upon terms of the loan at time of delivery to the GSEs.
- When split disclosures are provided (generating a Borrower-only and Seller-only Closing Disclosure), the UCD XML file must contain the data supporting both the Borrower and Seller Closing Disclosure documents, as well as the .PDF versions of those documents.
More Information and Updated Resources
- Appendix A: Closing Disclosure Mapping to the MISMO v3.3 Reference Model
- Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model
- Appendix C: Closing Disclosure with Reference Numbers
- Appendix F: UCD Sample Use Cases
- Appendix G: UCD Sample XML Files
- Appendix H: UCD Delivery Specification
- Appendix I: UCD Delivery Specification
- UCD FAQs
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.