Uniform Closing Dataset
December 16, 2014
Freddie Mac and Fannie Mae provided timeline information and implementation recommendations for the Uniform Closing Dataset (UCD), a common industry dataset that supports the Consumer Financial Protection Bureau's Closing Disclosure. While the CFPB will require lenders to use the Closing Disclosure beginning August 1, 2015, the GSEs will not require delivery of the UCD in 2015. However, in 2016, the GSEs will expect lenders to begin using the UCD in their internal processes.
Working together, 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 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 you time and resources.
The Uniform Closing Dataset is a component of the Uniform Mortgage Data Program® (UMDP), an effort undertaken jointly by Fannie Mae and Freddie Mac at the direction of the Federal Housing Finance Agency. The GSEs' support of the CFPB’s Closing Disclosure is a continuation of their ongoing UMDP efforts to standardize the way loan data is defined, captured and delivered in the mortgage industry. Similar to other UMDP initiatives, the UCD relies on the Mortgage Industry Standards Maintenance Organization® (MISMO®) data standards, which are well-established in the industry.
The GSEs intend to collect the UCD from lenders in the future. However, we have not yet determined the method or timeline for our data collection. We will provide more information in the future.
Please note that the MISMO Origination Workgroup developed a corresponding dataset for the CFPB's Loan Estimate. The GSEs' goal is for the UCD and Loan Estimate Mapping to align on common information, and for both to leverage the MISMO v3.3 Reference Model. To access the Loan Estimate Mapping, visit the MISMO.org website and sign up for the Origination Workgroup. The GSEs do not currently anticipate asking lenders to deliver the Loan Estimate Mapping.
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 in the future. Discuss what this will mean for your joint processes and technologies. Encourage them to review and implement the UCD MISMO-mapping document. Once you have spoken with your vendor, there are no other specific actions for you to take at this time.
- 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 July 15, 2014
- 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 July 15, 2014
- Appendix C: Closing Disclosure with Reference Numbers – Non-Seller Transaction: Both Appendix C documents provide 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 July 15, 2014
- Appendix C: Closing Disclosure with Reference Numbers – Purchase Transaction – Updated as of July 15, 2014
- Appendix D: UCD Cardinality: Provides the minimum and maximum number of times a MISMO container may repeat in the XML file to convey the information on the CFPB's Closing Disclosure.
- Appendix E: UCD Implementation Guide Provides an overview of how the Closing Disclosure information is represented in the XML-format file. – New as of July 15, 2014
- Appendix F: UCD Sample Use Cases: Provides four 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. – New as of July 15, 2014
- UCD Tutorial: Recorded tutorial that provides an overview of the UCD. – New as of July 15, 2014
- UCD Q&As
- CFPB's Web page, Know Before You Owe
- American Land Title Association
- Mortgage Industry Standards Maintenance Organization (MISMO)
Be sure to check out our tutorial with an overview of the UCD.
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.