As most are now aware, Fannie Mae has decided to delay its ULDD Phase 2 initiative until 2015. Because of this delay, the Government Sponsored Enterprise (GSE) has updated its Implementation Guidance for ULDD Phase 2 document to help both lenders and vendors better prepare for the new timeline – and we strongly recommend that you reference this to stay on top of all the impending ULDD Phase 2 requirements.
Fannie’s updated Implementation Guidance for ULDD Phase 2 provides important information about what you should consider when preparing to deliver the Uniform Loan Delivery Dataset (ULDD) Phase 2 requirements to Fannie Mae now that a new implementation timeline has been established. The guidance provides details regarding what can, should, and cannot be delivered prior to Fannie’s Phase 2 implementation date – which will be announced in the first quarter of 2014 – and gives the following “Key Considerations”:
- “Lenders and vendors should begin or continue working on ULDD Phase 2 in support of the August 25, 2014 mandate for all deliveries to Freddie Mac. Although the Fannie Mae ULDD Phase 2 implementation date is being moved, the Application Received Date for collecting the new ULDD Phase 2 data points will remain March 1, 2014.”
- “Freddie Mac is not making changes to their ULDD Phase 2 implementation timeline. Because many lenders deliver to both GSEs, lenders/vendors are encouraged to update their Fannie Mae XML import file at the same time as the Freddie Mac file.”
- “Lenders may begin importing their Phase 2 updated XML import files into the Loan Delivery application prior to the FannieMae implementation; however, the new data will be treated as optional.”
- “The Loan Delivery application will not be updated prior to the Fannie Mae implementation of ULDD Phase 2. The new data points will not be stored or displayed, and no edits will enforce the collection or validate the accuracy of this data.”
Fannie Mae’s updated guidance also lays out important information regarding:
- Testing Considerations
- Delivery Considerations
- New ULDD Phase 2 Data Points You Can Deliver before the Fannie Mae Implementation
- ULDD Phase 1 Data Points You Can Update before the Fannie Mae Implementation
- ULDD Phase 1 Data Point Revisions You Should Update before the Fannie Mae Implementation
- New ULDD Phase 2 Data Points You Cannot Deliver before the Fannie Mae Implementation
- ULDD Phase 1 Data Point Revisions You Cannot Update before the Fannie Mae Implementation
- The Loan Delivery Test Environment (LDTE)
ULDD Phase 2 Overview:
Fannie Mae’s current ULDD Phase 2 initiative involves both the addition of 19 new data points and the revision of 33 Phase 1 data points. The Phase 2 ULDD specification contains the following:
- 8 new data points required by both Fannie Mae and Freddie Mac.
- 11 new data points that are Conditionally Independent – Freddie Mac is conditionally requiring them, while Fannie Mae has them as optional.
- Revisions to 33 Phase 1 data requirements – revisions may include changes to a field’s length, format, conditionality, and/or implementation guidance.
For more information on Fannie Mae’s new data points, revisions, and/or overall ULDD Phase 2 initiative, please click here.