Uniform Closing Dataset
September 13, 2016
Get Ready for UCD mandate with Loan Closing AdvisorSM
Delivery of the Uniform Closing Dataset (UCD) will be required for all loans purchased by Freddie Mac beginning in the third quarter (3Q) of 2017. Loan Closing AdvisorSM can help you prepare for this requirement. Loan Closing Advisor is Freddie Mac's UCD collection solution, but it is more than just a collection solution, it provides valuable and actionable feedback on the accuracy of your UCD XML file so that you can be confident about your closing data.
Loan Closing Advisor:
- Collects the UCD and Closing Disclosure PDF.
- Compares your data against the UCD specification—testing for completeness, validity, calculation accuracy and data consistency.
- Provides feedback to promote accuracy and adherence to guidelines.
With Loan Closing Advisor, you can close loans with greater confidence and reduce your repurchase risk related to closing data.
Don't delay. 3Q 2017 will be here before you know it. Start getting ready today.
Working together, at the direction of their regulator FHFA, Freddie Mac and Fannie Mae (the GSEs) have provided a common industry dataset called the Uniform Closing Dataset (UCD) to support the Consumer Financial Protection Bureau's (CFPB) Closing Disclosure. We published the UCD MISMO-mapping document, Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model, and Appendix I: UCD Delivery Specification. It's important that lenders and vendors develop a plan for how they will implement the UCD. Using the UCD to implement the CFPB's Closing Disclosure could save time and resources.
Closing Vendors: If you’re a vendor involved in the mortgage closing process, please review Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model. In addition, send us your contact information to receive news and information from the GSEs as you prepare to implement the UCD.
Lenders: Talk with your closing vendors about the GSE requirement for lenders to deliver the UCD. Discuss what this will mean for your joint processes and technologies. Encourage them to review and implement the UCD MISMO-mapping document.
- UCD Q&As – Updated as of January 28, 2016
- CFPB's Web page, TILA-RESPA Integrated Disclosure
- American Land Title Association (ALTA)
- ALTA Seller’s Closing Disclosure Requirements (news article)
- Mortgage Industry Standards Maintenance Organization (MISMO)
- Monthly Update to UCD Appendices A/B and H/I: Includes updates to Appendices A/B and Appendices H/I. The GSEs intend to publish the update monthly and the changes will be incorporated into the next full release of the UCD Specification at a later date – Updated as of April 26, 2016
- Appendix A: Closing Disclosure Mapping to the MISMO v3.3 Reference Model: Contains the data required by the CFPB's Closing Disclosure and is mapped to the MISMO v3.3 Reference Model; also contains 26 additional data points, listed as 'GSE Requirements,' that will be required when the GSEs begin collecting this dataset. – Updated as of November 17, 2015
- Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model: Is identical to Appendix A, but in Excel format for easier data sorting and organization. – Updated as of November 17, 2015
- Appendix C: Closing Disclosure with Reference Numbers: Provides sample Closing Disclosures for a non-purchase and a purchase transaction to serve as cross-references between the Closing Disclosure and the UCD. – Updated as of March 29, 2016
- Appendix E: UCD Implementation Guide: Provides an overview of how the Closing Disclosure information is represented in the XML-format file. – Updated as of May 31, 2016
- Appendix F: UCD Sample Use Cases: Provides six sample use cases that demonstrate how a sample business transaction would be represented on the Closing Disclosure and the XML-format file that would support the use case data. – Updated as of June 17, 2016
- Appendix G: UCD Sample XML Files – Demonstrates how a sample business transaction would be represented on the Closing Disclosure and the XML-format file that would support the use case data. – Updated as of July 19, 2016
- Appendix H: UCD Delivery Specification – Provides coding information for how to deliver the UCD to the GSEs presented in XML order. – Updated as of November 17, 2015
- Appendix I: UCD Delivery Specification – Is identical to Appendix H, but in Excel format for easier data sorting and organization. – Updated as of November 17, 2015
Single-Family News Center Articles
- May 24, 2016 – GSEs Announce UCD Delivery Requirement for Q3 2017
- December 15, 2015 – Get Ready for Freddie Mac’s Collection Solution
- November 17, 2015 – GSEs Publish Updates to the UCD Specification and Resources
- June 30, 2015 – GSEs Announce UCD Delivery High-Level Timeline, Plus Separate Collection Solutions
- April 7, 2015 – Uniform Closing Dataset Split Disclosure Guidance and Other Updates
- February 24, 2015 – GSEs Publish Uniform Closing Dataset Delivery Specification
- December 16, 2014 – Uniform Closing Dataset High–Level Implementation Timeline
- July 15, 2014 – GSEs Provide Additional Resources to Support the Uniform Closing Dataset
- March 11, 2014 – GSEs Publish UCD MISMO–Mapping Document to Support CFPB's Closing Disclosure
- November 26, 2013 – GSEs Developing Standardized Dataset to Support CFPB's Closing Disclosure Form
Vendors – Submit Your Contact Information
If you’re a vendor involved in the closing process, please submit your contact information so we can send you periodic updates and resources to support your UCD implementation.
If you have questions about the UCD, please email UCD@FreddieMac.com