Uniform Closing Dataset
February 12, 2016
Freddie Mac’s collection solution for the Uniform Closing Dataset will enable you to easily send closing data to Freddie Mac in accordance with the UCD specification. Start getting ready today.
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 will implement separate collection solutions for lenders to start delivering the UCD no later than the fourth quarter (Q4) of 2016 and will mandate the delivery of the UCD no earlier than in the second quarter (Q2) of 2017 for all loans acquired by Freddie Mac or Fannie Mae.
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
- 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 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 November 17, 2015
- Appendix E: UCD Implementation Guide: Provides an overview of how the Closing Disclosure information is represented in the XML-format file. – Updated as of June 30, 2015
- 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 February 12, 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 February 12, 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
- 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
Check out the MBA’s TILA RESPA Integrated Disclosure (TRID) Forums, including a session on The Rule’s Implications for Closing/Settlement.
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