Fannie Mae and Freddie Mac have begun planning their ULDD Phase 3 initiative, and recently sent out a “Joint ULDD Phase 3 Preview” to the industry to give both lenders and technology vendors additional time to prepare for its implementation.
“Joint ULDD Phase 3 Preview” Overview:
The Federal Housing Finance Agency (FHFA) has required Fannie and Freddie to work together to identify and align on certain data delivery requirements to support the Consumer Financial Protection Bureau’s (CFPB) new “ability to repay” provisions within the Truth-in-Lending Act. The joint ULDD Phase 3 Preview Specification contains the new data points that will be required at delivery to support loans that are subject to the new “ability to repay” provisions.
The joint ULDD Phase 3 Preview Specification contains a total of 15 new data points:
- 13 of the new data points will be related to the
new “ability to repay” provisions, and will be required by both GSEs.
- 2 of the new data points were deferred from the
ULDD Phase 2 initiative.
Most of the ULDD Phase 3 data points will require the use of extension containers to the MISMO Version 3.0 Reference Model. Fannie and Freddie will update Appendix E of the ULDD Implementation Guide at a later date to help specify the use of extension containers for the data points that are not contained within the Version 3.0 Reference Model.
The current implementation timeframe for ULDD Phase 3 is tentatively set for the 4th quarter of 2015, and the GSEs plan to provide more information on the final ULDD Phase 3 implementation dates by the end of the 1st quarter of 2014.
To view the full version of Fannie and Freddie’s “Joint ULDD Phase 3 Preview”, please click here.
Fannie Mae – fanniemae.com