Fannie Mae’s new and improved Loan Delivery application was officially released this past December 1st, providing lenders with new and enhanced functionality, greater transparency, and improved edit management capabilities.
The GSE’s new application includes several enhancements, and its user-friendly design allows for better search, sort, filter, navigation, and reporting capabilities than its predecessor. Lenders are also now provided with increased transparency regarding the status of loan deliveries throughout the process, and enhanced edit management capabilities that will improve resolution of delivery edits.
Lenders can submit loan deliveries through the new Loan Delivery application by either manually entering the data or importing the ULDD XML file. The new application also incorporates the 17 new ULDD Phase II data points, as well as the several revisions made to the Phase I data points – which are required for loans with an “Application Received Date” on or after March 1, 2014.
With that said, Fannie would like lenders to note that they are not currently required to implement the new ULDD Phase II data points (including the Phase I revisions) in their XML files in order to begin using the new application. The GSE is providing a flexible rollout for ULDD Phase II in order to allow lenders to become more acclimated to using the new Loan Delivery application with their existing XML files.
In addition, the new application will also evaluate loan data against both new and existing business rules. Several of the new business rules that are related to the collection of the new ULDD Phase II data points have been given an “Informational” severity level. This will remain the case until April 4, 2016, in which these business rules will switch to a “Warning” severity with a prefix that states “WtoF” in the feedback message. They will remain as warnings for 90 days to allow lenders to adopt the new rules before switching to the “Fatal” severity on June 27, 2016.
Both the old and new Loan Delivery applications will be available simultaneously through February 1, 2016, in which the old application will no longer accept new loan submissions. To access the new Loan Delivery application, lenders can use their existing Loan Delivery user ID’s and passwords.
Important Reminders from Fannie Mae:
- In order to use the new Loan Delivery application, lenders must have a minimum of the following web browser versions: Internet Explorer 9.0 (IE9), Google Chrome Version 38, or Mozilla FireFox Version 33. Lenders may also need to support existing web browser versions (such as IE8) for the old Loan Delivery application—in parallel—until they are fully transitioned to the new application.
- Lenders may begin delivering the new ULDD Phase II data points to Fannie today. However, these will be ignored because the old Loan Delivery application is not being updated for ULDD Phase II.
For more information on the new Loan Delivery application, and to see the list of new features and enhancements, check out the following Release Notes.
For the latest updates on the new Loan Delivery application, visit Fannie Mae’s Loan Delivery (new version) webpage.
For the latest updates on ULDD Phase II, visit Fannie Mae’s ULDD webpage.
Fannie Mae – fanniemae.com