Starting June 27, 2016, lenders will be required to deliver the new ULDD Phase 2 data points for all loans with an application received date on or after March 1, 2014. To recap, Fannie Mae’s ULDD Phase 2 data requirements include both new data points as well as revisions to several ULDD Phase 1 data points.
Lenders can begin testing the new ULDD Phase 2 data—including the Phase 1 revisions—by using the government sponsored enterprise’s (GSE) Loan Delivery Test Environment. According to Fannie, the new Loan Delivery application accepts existing Phase 1 XML files, new Phase 2 XML files (with Phase 1 revisions), and/or manual entry – in which the new Phase 2 fields are available on the user interface for lenders to enter the data.
It is important to note that lenders are not currently required to implement the new ULDD Phase 2 data points (including Phase 1 revisions) into their XML files in the new Loan Delivery application. Fannie Mae is providing a flexible rollout to allow lenders to become acclimated to using the new Loan Delivery application with their existing XML files.
In addition, Business Rules are currently in place in the new Loan Delivery application to validate the ULDD Phase 2 requirements. If the Phase 2 data is not provided, lenders will still receive the associated business rule edits, but only as Warnings. Starting June 27, 2016, these edits will become Fatal.
For more information, including lists of the new ULDD Phase 2 data points and Phase 1 revisions, file validation updates, and more, check out Fannie Mae’s ULDD Phase 2 Implementation Considerations announcement.
For the latest updates and news regarding the ULDD in general, visit the GSE’s official ULDD webpage.
Fannie Mae – fanniemae.com