Loan Closing Advisor June 27 Release
On June 27, 2023, we’re making updates to Loan Closing Advisor® edits and feedback messages related to Uniform Closing Dataset (UCD) Phase 3B Critical Edits, which will transition to critical on November 6, 2023. The changes will be implemented in the Loan Closing Advisor customer test environment (CTE) on June 22 and in production on June 27.
WHAT’S NEW
Loan Closing Advisor will be updated with the following on June 27:
- Additional Fee Enumerations – Freddie Mac and Fannie Mae (the GSEs) aligned on the addition of fee enumerations in sections B. Services Borrower Did Not Shop For and C. Services Borrower Did Shop For. Loan Closing Advisor will the be updated with the following fee enumerations:
| Closing Disclosure (CD) Section | Fee Type Enumeration |
|---|---|
| B. Services Borrower Did Not Shop For |
|
| C. Services Borrower Did Shop For |
|
- Edit Modifications - Review Loan Closing Release Notes which include edits and messages that are being modified, added or removed for Phase 3B.
In addition, as a reminder, we have updated the resources below to help you prepare your systems:
UCD RESOURCES
To ensure you will meet the Phase 3B November 6, 2023 critical edits transition mandate, we have posted the below UCD resources:
- Loan Closing Advisor Critical Edits Phase 3 Training Module
- Loan Closing Advisor Feedback Message Document
- UCD May 1 Joint GSE Industry Announcement, which includes:
- Joint GSE Updated Critical Edits Transition Dates
- Identifying Edits of Phase 3A or 3B
- Joint GSE UCD Critical Edits Phase 3 Feedback Message Mapping Document
- Joint GSE UCD Critical Edits Matrix
ADDITIONAL RESOURCES
- Joint GSE Job Aid: Taxes and Other Government Fees – NEW
- Joint GSE Job Aid: Prepaids – NEW
- Joint GSE Job Aid: Fees
- Joint GSE Job Aid: Escrows
- Joint GSE Job Aid: Qualified Mortgage Short Term Reset ARM APR Percent
- Joint GSE Job Aid: Loan Discount Points and Lender Credits
- UCD FAQs
- Appendix C: Closing Disclosure with Reference Numbers – Updated
- Appendix F: UCD Sample Use Cases – Updated
- Appendix G: UCD Sample XML Files – Updated
For more information on the UCD critical edits transition, visit the Freddie Mac UCD web page. Please contact your Freddie Mac representative for assistance or submit your questions to [email protected].