Coming July 23: the ULDD (Uniform Loan Delivery Dataset)
Referencing the last post, all appraisals must be converted, validated and delivered to the UCDP (Uniform Collateral Data Portal) to be accepted by Freddie or Fannie. The appraisal report must be submitted to the UCDP before the delivery date of the mortgage to Freddie Mac and must include all exhibits, addenda and photographs. (Freddie Mac Web site. Uniform Collateral Data Portal. Updated December 14, 2012) Additionally, any loan originated on or after December 1, 2012 must be submitted in UAD format (Uniform Appraisal Data Set) by March 19, 2012.
What the UAD has done for appraisals the ULDD will do for all loan information.
The UMDP's second set of data standards, the ULDD (Uniform Loan Delivery Dataset), defines the fields, meanings and standards in which lenders must submit their information to Freddie and Fannie. The ULDD includes credit scores, loan-to-value ratios and other data points in an XML format. [http://www.housingwire.com/tag/fhfa/page/3]
The original implementation deadline for loans originated from December 1, 2011 on was the same as the UAD (Uniform Appraisal Data): March 19, 2012. But on December 14, Freddie and Fannie gave lenders a bit of a holiday gift: The ULDD implementation deadline is now July 23, 2012. (Freddie Mac Web site. Uniform Collateral Data Portal. Updated December 14, 2012)
Both the UAD and ULDD require your appraisal and loan information to be translated into XML (extended mark-up language).
In order for the various programs used in the mortgage industry to be able to speak to one another, the standard developed was MISMO (Mortgage Industry Standards Maintenance Organization) XML. Unlike some newbies, MISMO is our native tongue, since we've been working with it since it was first developed.
You can find out more about MISMO in my next post…Or check out MARS now. MARS not only gets your appraisals to automatically conform to UAD and UCDP rules; it does much more.