Implementing UCD? MISMO 3.4 is Less Disruptive Than You Think: Part 1

Now that implementations of the TILA-RESPA Integrated Disclosures and other Know Before You Owe components are firmly in place, lenders and their partner organizations have turned their attention to the next big requirement that will impact operations: The Uniform Closing Dataset.

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 (commonly referred to as the GSEs, or government-sponsored enterprises) will require a UCD file for all loans they acquire beginning in Q3 2017.The UCD is part of an ongoing government-directed effort to improve the quality of loan data, enabling better large-scale analysis of data for ensuring that loans meet regulatory and GSE requirements. The UCD format is based upon the Mortgage Industry Standards Maintenance Organization data standards. MISMO-based files are built using Extensible Markup Language and represent a standard way of electronically representing and communicating mortgage transaction information. The MISMO standards were developed by representatives from throughout the industry and continue to evolve over time as needs change.The GSEs will require that the UCD files they collect adhere to version 3.3 of the MISMO standards, which was published in 2014. Read More Here...

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