Implementing UCD? MISMO 3.4 is Less Disruptive Than You Think: Part 2

Part 1 of this series discussed the need to remain current and support new versions of the MISMO Reference Model in implementations, while also maintaining the ability to implement specifications requiring an older version of MISMO. Fortunately, earlier data exchange specifications are often highly compatible with newer versions of the standard, and the Uniform Closing Dataset is no exception.

The UCD is an electronic file that allows the information contained within the Consumer Financial Protection Bureau's Closing Disclosure form to be captured and transmitted in a standard, machine-readable format. Fannie Mae and Freddie Mac will require a UCD file, in the MISMO 3.3 format, for all loans they acquire beginning in Q3 2017.A newer version of the standard, MISMO 3.4, will soon be required for other data reporting requirements, such as the GSEs' Uniform Loan Application Dataset and the CFPB's Home Mortgage Disclosure Act.As was discussed in Part 1, an important first step in planning an implementation approach that supports multiple versions of MISMO is to examine data specifications that must conform to earlier versions and determine what specific data requirements, if any, are invalidated by later versions. Read More Here...

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