Uniform Closing Dataset
April 7, 2015
The GSEs have published an update to Appendix H: UCD Delivery Specification to provide implementation guidance regarding "split disclosures." A split disclosure refers to a purchase transaction in which the lender provides a "Borrower-only" and "Seller-only" view of the closing information in two separate Closing Disclosure forms.
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 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 you time and resources.
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.
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.
- UCD Tutorial: Recorded tutorial that provides an overview of the UCD. – New as of July 15, 2014
- UCD Q&As – Updated as of February 24, 2015
- CFPB's Web page, Know Before You Owe
- American Land Title Association
- Mortgage Industry Standards Maintenance Organization (MISMO)
- 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 April 7, 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 April 7, 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 February 24, 2015
- Appendix D: UCD Cardinality: Retired and included as a tab in Appendices H and I: UCD Delivery Specification. – Retired and included as a tab in the UCD Delivery Specification
- 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. – Updated as of April 7, 2015
- 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 April 7, 2015
- Appendix H: UCD Delivery Specification – Provides coding information for how to deliver the UCD to the GSEs presented in XML order. – New as of April 7, 2015
- Appendix I: UCD Delivery Specification – Is identical to Appendix H, but in Excel format for easier data sorting and organization. – New as of April 7, 2015
Single-Family News Center Articles
- 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
Check out the MBA’s TILA RESPA Integrated Disclosure (TRID) Forums, including a session on The Rule’s Implications for Closing/Settlement.
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.