July 23rd was the implementation deadline for the Uniform Loan Delivery Dataset (ULDD), which is the new loan-level mortgage information file format that was developed by the GSEs for all loans that are sold to them. The Uniform Mortgage Data Program (UMDP)—established by the Federal Housing Finance Agency (FHFA)—is requiring lenders to adopt this file format in an effort to streamline and improve submissions of mortgage data that is sent to Fannie Mae and Freddie Mac.
The new ULDD file was designed using an XML format created by the Mortgage Industry Standards Maintenance Organization (MISMO), and replaces the proprietary 2,000 character flat files that lenders submitted to the GSEs via Fannie Mae’s Loan Delivery Portal and Freddie Mac’s Selling System. This ULDD file is also considered a scaled-down version of the original dataset that was first introduced in June 2010, but the GSEs still intend to collect the full dataset and will add new data points in batches moving forward—starting in November 2012.
Important Selling System reminders from Freddie Mac:
With the ULDD implementation on July 23rd, it is critical that you be aware of the following:
- Guide Forms 11 (Mortgage Submission Schedule) and 13SF (Mortgage Submission Voucher) have been retired, and you will no longer be able to deliver loans using these legacy formats.
- Beginning July 23rd, the appraisal data you enter into the Selling System for loans with application received dates on or after December 1st, 2011 must match the appraisal data entered into the Uniform Collateral Data Portal (UCDP). The Selling System compares a limited set of data points in the UCDP against the data provided in the Selling System based on the Appraisal Identifier entered into the Selling System. If the data entered in the Selling System doesn’t match the data in the UCDP, you will need to either update the data in the Selling System or resubmit the correct appraisal data to the UCDP.
- Until August 1st, 2012, the Selling System will deliver a warning message if the field for Application Received Date is blank and the note date is on or after March 1st, 2012. Beginning August 1st, the Selling System will deliver a critical edit, and you will be prompted to fill in the Application Received Date. If the date is on or after December 1st, 2011, you must complete the full ULDD dataset.
- The ULDD data points for all secondary financing associated with loans sold to Freddie Mac will be mandatory for deliveries on or after August 1st, 2012.
Important Loan Delivery reminders from Fannie Mae:
As of July 20th, the old Loan Delivery Application has been retired and is no longer accepting new loan deliveries. All deliveries as of July 23rd must be delivered through the new Loan Delivery application, and comply with the ULDD Phase I requirements.
- The 2000 character file format has been replaced by the loan delivery XML file for import, and those manually entering their data will need to supply the additional fields required for ULDD—fatal edits are in place to ensure the collection of new data (a total of 150 edits have transitioned from warning to fatal).
- New edits—1690 through 1697—were introduced in the new Loan Delivery application, and have been effective since July 14th, 2012,—associated with the Servicer Number field.
- The Modification Indicator field is required in the new Loan Delivery application for all mandate loans. If a value of “Yes” or “No” is not provided for this field in the loan delivery XML file, a new Warning File Validation (WN3075) will be generated. This warning will inform you that the Modification Indicator was defaulted to “Yes” if the AtModification container was included in your XML file, or “No if it was not included.
- The Business Rules and Edit Dictionary have been updated in Loan Delivery with all the new edit changes.
- The new Loan Delivery application doesn’t include EarlyCheck, but the old version of Loan Delivery will continue to offer access to Early Check through 2012 until it has been updated to accept the loan delivery XML file.
In addition to the changes listed above, both GSEs will require lenders to deliver the following new ULDD data points for all loans with application received dates on or after August 1st, 2012, and delivered on or after November 26th, 2012:
- FullName—enter the name of the entity funding the applicable loan, as recorded on the note