Uniform Closing Dataset Q&As
Updated on March 11, 2014
- Does the UCD MISMO-mapping document, Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model, contain data-mapping only for data that is required on the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure?
- Do I need to build the UCD now?
- Does the Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model provide everything I need to create the XML file that the GSEs will require in the future?
- When and how will the GSEs collect the closing data?
- Are Freddie Mac and Fannie Mae’s UCD MISMO-mapping document, Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model, identical?
- Did the GSEs develop a dataset for the CFPB’s Loan Estimate?
- I’m a lender, but I don’t deliver loans to either GSE – do I need to pay attention to the UCD?
- How can I make sure that my vendors and trading partners have all the information they need to implement the UCD?
- Will the GSEs provide a testing environment as vendors and lenders build to the UCD?
- Will the GSEs provide verification to validate that a lender’s or vendor’s implementation is correct?
- What do the GSEs mean by "implementing the UCD at the same time as the CFPB Closing Disclosure"?
Does the UCD MISMO-mapping document, Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model, contain data-mapping only for data that is required on the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure?
No. Appendix B also contains a limited number of additional data points that the GSEs will require over and above the fields on the CFPB's Closing Disclosure. The remaining UCD data maps directly to the CFPB's Closing Disclosure.
You are not required to build to the UCD at this time. We have published the UCD to allow the industry to become familiar with the MISMO data that supports the Closing Disclosure. Please keep in mind that the GSEs will require lenders to deliver the UCD data in the future.
Although the Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model provides what is needed to implement UCD, there will be a technical specification published in the future that will include additional details necessary to create the XML file that the GSEs plan to collect in the future. Additional changes are anticipated to be minor and mainly tied to XML-only data points.
The GSEs have not yet determined a timeline or method for collecting the UCD data; we will be communicating more information in the coming months. We will not collect the UCD data until after CFPB’s Closing Disclosure effective date, which is in the summer of 2015. We will take steps to provide the industry with sufficient time to prepare.
Yes. Using CFPB's Integrated Mortgage Disclosures regulation, the GSEs developed a single dataset to support the information captured on the Closing Disclosure.
No. However, there is a corresponding dataset for the CFPB's Loan Estimate form that the MISMO Origination Workgroup developed. The GSEs' goal is for the UCD and Loan Estimate dataset to align on common information needed for both forms, and for both to leverage the MISMO v3.3 Reference Model. To access the Loan Estimate dataset, visit the MISMO.org website and sign up for the Origination Workgroup. Note: the GSEs do not currently anticipate that we will be asking lenders to deliver the Loan Estimate dataset.
If you exchange data with lenders, you will likely hear about the UCD in the coming months. Lenders will eventually be required to deliver UCD data to the GSEs for the loans that they purchase, so you should be familiar with the UCD and MISMO since it may affect your processes or technologies that you use to exchange information with your trading partners.
Encourage your closing vendors to visit Freddie Mac's UCD Web page or Fannie Mae's UCD Web page. They can view current information, including Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model, and submit their contact information to receive ongoing news and information to support their UCD implementation.
Yes, in the future, the GSEs will provide a testing environment, as well as tools and resources to support the UCD implementation. However, the timing for the testing environment has not been determined.
Yes, the GSEs will provide verification in the future. However, while vendors and lenders now have the ability to build to the "open standard" UCD MISMO-mapping document, we will not provide verifications of UCD system implementations until after we announce a plan to collect the UCD.
Implementing the UCD at the same time as the Closing Disclosure means that lenders and vendors should implement the ability to export the contents of the Closing Disclosure in XML format by using the data mapping provided. They should also save the document in a SMARTdoc or PDF version with the imbedded XML data by using the mapping document. Implementing the Closing Disclosure means creating the ability to fill out the new form, print the new form and save the new form as a PDF or other image.