UCD Seller Data Requirements Update
November 8, 2016
In September, Freddie Mac and Fannie Mae (the GSEs) communicated that the Uniform Closing Dataset (UCD) would be required for all loans delivered with a note date on or after September 25, 2017, providing the industry with a one-year period to begin implementing and testing the delivery of the UCD. As a follow-up to that message, we are further refining our requirements as it relates to delivery of the UCD.
Beginning on September 25, 2017, the GSEs will require only the Borrower data and Closing Disclosure in the UCD file (i.e., either the Model form, or if using a split disclosure, the Borrower-only form) and will provide the industry an additional year before also requiring the corresponding Seller data and Seller-only Closing Disclosure. The GSEs continue to encourage lenders to submit files with both Borrower and Seller data, if available, in order to test their processes and become familiar with the messaging from each GSE's collection system.
Note: Lenders are reminded that the Seller Closing Disclosure requirements in the post-acquisition file review process still apply. Please refer to each GSE's Selling Guide for further details.
As previously communicated, the GSEs will use the Note Date reported in the loan delivery XML file to determine whether the loan is required to have a corresponding UCD file. The UCD file must be submitted to the GSEs prior to delivery of the loan. Any loan that will have a Note Date on or after September 25, 2017 that is delivered without a submitted UCD file will not be accepted.
The GSEs are continuing to support lenders and technology solution providers throughout implementation and adoption of the UCD. The documents referenced in this announcement and other supporting materials are located on the GSEs' respective UCD web pages on Freddiemac.com and Fanniemae.com.
If you have questions about the UCD, please contact your Freddie Mac and Fannie Mae representative.
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.