The GSEs recently announced that they will be implementing further updates to their existing Uniform Loan Delivery Dataset (ULDD), which will be known as ULDD Phase 3.
To recap, the ULDD is the common set of loan delivery data standards under the Uniform Mortgage Data Program® (UMDP), which is required by both Fannie Mae and Freddie Mac for single-family loan deliveries.
According to Fannie and Freddie’s announcement, ULDD Phase 3 will help support the continued improvement of their loan delivery standards – including new GSE-aligned data points (some of which will help identify warehouse lenders and condominium projects). These impending updates will also help identify when an eNote is being delivered, and should bring greater efficiencies and consistency across the loan manufacturing process.
ULDD Phase 3 will contain 14 new data points that will be required for collection of the expanded borrower Demographic Information – which is in support of the Home Mortgage Disclosure Act (HMDA) Final Rule for Housing Goals reporting. As required by the HMDA Final Rule, most lenders must begin collecting the new Demographic Information data for loan applications taken on or after January 1, 2018.
Both Fannie Mae (Appendix D) and Freddie Mac (Appendix A) have published their ULDD Phase 3 XML Data Requirements to their respective ULDD webpages. These updated Appendixes contain a new tab that provides additional details about each of the new data points, as well as information about several impending updates to existing ULDD data points.
The current ULDD Phase 2 XML file contains several data points relating to the Uniform Residential Loan Application (URLA) Section X Government Monitoring. In order to support lender collection and delivery of the new HMDA borrower Demographic Information—consistent with the redesigned URLA (Section 7 Demographic Information)—the GSEs have updated the ULDD requirements for Phase 3. According to the announcement, the Phase 3 updates will include new extension containers to the MISMO v3.0 Reference Model.
Fannie and Freddie mentioned that they will publish additional information regarding the exact timeline of the implementation of ULDD Phase 3 in the First Quarter of 2017. This information will also include supporting documentation, such as the expanded MISMO schema for the ULDD Phase 3 specification.
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