June 2024 Loan Quality Advisor® Release Updates
The June Loan Quality Advisor® release includes reminders related to ULDD Phase 4a and Phase 5, bi-annual credit reporting companies (CRCs) and technical affiliates (TAs) updates, incomplete processing feedback messages, Condo Project Advisor® identifiers, a reminder on trended data requirements and a new caution message. Make sure you’re familiar with these updates so you can continue creating opportunities for your borrowers.
Uniform Loan Delivery Dataset (ULDD) Phase 4a and Phase 5
Effective June 2, 2024
The Uniform Loan Delivery Dataset (ULDD) Phase 4a is implemented and the Phase 5 transition (optional delivery) has begun. We continue to enhance Loan Quality Advisor to support you in delivering loans in the most efficient way possible. We’re sharing information about the customer test environment (CTE) for ULDD, plus additional news and resources.
The following resources are available to help you with the implementation of ULDD:
- ULDD Announcement
- ULDD Supporting Documentation Updates
- Appendix D
- Summary of ULDD Phase 4a Updates and Phase 5 Specification
- ULDD Learning Help webpage
Bi-annual Credit Reporting Companies and Technical Affiliates Update
To provide you with the latest information on CRCs and TAs available to you, we made the following bi-annual updates in June:
- Added Unisource Credit LLC as a new technical affiliate via MeridianLink
- Removed the following technical affiliates from their credit reporting company sponsor:
- SARMA via SharperLending via EMS
- CIS by Xactus via MeridianLink
- Universal Credit by Xactus via MeridianLink
- Made various revisions to existing technical affiliate information
The Credit Reporting Companies and Technical Affiliates webpage has been updated to reflect these updates.
Property Data Report (PDR) Submitted to Beyond ACE (bACE) API
Effective June 12, 2024
We published new messages to help you identify collateral representation and warranty relief eligibility more clearly when a PDR prepared using the Uniform Property Dataset (UPD) has been submitted to bACE API.
Refer to the Loan Collateral Representation and Warranty Messages in the Loan Quality Advisor Feedback Message Updates matrix for details.
Incomplete Processing Feedback Messages
Effective June 23, 2024
New and revised messages will appear on the Loan Quality Advisor feedback page to provide additional details when a loan can’t be processed due to the submitted information not meeting certain minimum requirements.
Refer to the Loan Derived Calculation Service Messages in the Loan Quality Advisor Feedback Message Updates matrix for details.
Condo Project Advisor Identifiers Go-Live Date and Testing Availability
In March we announced delayed availability of two Condo Project Advisor data points from testing and the optional delivery period which began June 3 for all other ULDD Phase 4a and Phase 5 data points. These updates have been added to the ULDD Revisions Page.
We have revised the format and effective dates for the optional delivery period and testing of the following two data points:
| Sort ID | ULDD Data Point | Old Format | New Format | New Format Example | Optional Period | Customer Testing Available |
|---|---|---|---|---|---|---|
| 49.3 | FRE Condo Project Advisor Project Assessment Request Identifier | String 12 | PAR123456789 | July 27, 2024 | July 29, 2024 | |
| 49.4 | FRE Condo Project Advisor Project Waiver Request Identifier | Numeric 8 | 12345678 |
*Note: Continue to deliver the required Condo Project Advisor Project Assessment Request (PAR) and Project Certified Identifiers (IFI) K01 and (IFI) J97.
While the optional delivery period and customer testing dates are revised for these two datapoints, the ULDD Phase 5 mandate date for these two data points is still July 28, 2025, consistent with all other ULDD Phase 5 datapoints.
Get Ready – Loan Quality Advisor Will Require Trended Data in August
As announced in Single-Family Seller/Servicer Guide Bulletin 2024-6, we’re requiring initial submissions of conventional loans to Loan Quality Advisor on or after August 4, 2024, to include trended data on credit reports.
Initial submissions without trended data will receive an error and the loan will not be processed. We encourage you to begin working with your CRCs and TAs to prepare for this change and avoid delays in delivery to Freddie Mac.
| Message Code | Message Text |
|---|---|
| IN2500 | Credit report(s) must contain trended data. |
*Updated June 2024
Caution Messages
Effective August 26, 2024
New caution messages will appear on the Loan Quality Advisor feedback page to provide additional details when the risk assessment decision is ‘Yellow.’
| Message Code | Message Text |
|---|---|
| RS2752 | Caution Factor: Delinquencies. Based on the credit report(s), negative payment history impacted the risk class. If there are errors on the credit report, contact the credit bureaus to have the error(s) corrected. |
*Updated June 2024