Spring Forward with Loan Selling Advisor
NOTE: This article has been updated to reflect the new date (June 27,2022) for updates that prevent the sale of loans that don’t meet the 80% AMI limit for Home Possible loans.
Here are some reminders about recent ULDD news and a look at what’s coming in Loan Selling Advisor®.
Enforcing the AMI Limit on Freddie Mac Home Possible Loans
In January, we announced that we were working on updates to Loan Selling Advisor to help prevent the sale of ineligible Freddie Mac Home Possible® loans. Effective June 27, 2022, Loan Selling Advisor will begin preventing the sale of loans originating in Loan Product Advisor® that don’t meet the 80% area median income (AMI) limit for Home Possible loans.
Recent Uniform Loan Delivery Dataset (ULDD) Phase 4a Policy updates and Getting Ready for Client Testing
May 4 ULDD Guide Bulletin Reminder
In the May 4, 2022 Single-Family Seller/Servicer Guide Bulletin 2022-10 we updated the required sections reflecting the applicable dates and incorporated the ULDD Phase 4a requirements (Mandate Date: May 22, 2023).
Sellers will need to begin collecting the new data points, if applicable, for loans with Application Received Dates on or after January 1, 2023, and delivered on or after May 22, 2023. Testing begins on June 2, 2022, as outlined below. Check out the ULDD webpage for the implementation timeline, summary of ULDD Phase 4a updates, and our latest job aid.
April 26 ULDD Announcement Reminder
On April 26, 2022, we announced the following additional updates to the ULDD and supporting documents:
- Highlighted differences between ULDD Phase 3 and Phase 4a data points, addition of Phase 4a data points to the ULDD extension schema, and example XML files.
- Removed the requirement to enter the appraised value for Deed Restricted Mortgages for Purchase Price Amount (Sort ID 195).
- Updated Loan Selling Advisor® Screen Name locations for four data points.
- Updated codes for Credit Score Provider Name (Sort ID 591.1) that are effective on June 6, 2022.
CTE Opening June 2, 2022 for ULDD Testing
The initial testing period for ULDD Phase 4a is almost here. The customer test environment (CTE) will open on June 2, 2022. Here’s what you need to know.
What’s the CTE?
The test environment is a unique pre-production CTE and is specifically for ULDD Phase 4a testing. It is not the standard Loan Selling Advisor production CTE that you use today to test the latest production code.
Am I required to test in the pre-production CTE?
No. However, if you plan to adopt ULDD Phase 4a before the mandate date, and/or need to be ready earlier for the optional delivery periods in August and September 2022, you may need to test in our pre-production environment to get ready as soon as possible.
If I don’t test in the pre-production CTE, will I be able to test in Loan Selling Advisor’s standard production baseline test environment?
Our standard production baseline test environments will be updated a few weeks after the production Go-Live dates, and you may opt to wait and test ULDD Phase 4a changes later in August or October of 2022. Talk to your Freddie Mac representative about your timeline to determine where and when to test.
Other Important Information About Testing:
- All Loan Origination System (LOS) Software Partner Vendors are required to be verified by December 31, 2022 to become a ULDD Phase 4a verified software partner.
- Obtain verification test case materials from your software partner representative.
- Contact your Freddie Mac representative or email [email protected] to schedule your verification and initiate the software partner verification process.
New One-Stop Learning Needs for ULDD Phase 4a Conversion Resources COMING SOON
We will soon be publishing a new web page, LSA Learning: Prepare for ULDD Phase 4a Conversion that will include all the ULDD 4a resources you need to successfully update to the new phase. The page is currently under construction, but we encourage you to bookmark this page now! We will let you know when we have new content.
Extended Maintenance Window for Technology Tools: June 3 - June 5
As we previously communicated, there will be an extended maintenance window for some of our technology tools over the weekend of June 3-5. This is the normal weekend maintenance window for certain tools and will be extended to 35 hours from Friday, June 3 at midnight (12 a.m.) ET until Sunday, June 5 at 11 a.m. ET.
We’re doing further testing of new data centers and out-of-region environments that we previously implemented to help limit impacts to your business in the event of a disruption or outage to our technology in the northern Virginia region.
How Will This Impact My Business?
We don’t expect that you’ll have to make any changes to your systems in support of this effort. However, our testing will mean that the system is inaccessible during the maintenance window.
Which Tools are Impacted?
The following tools will be unavailable during the time listed above:
- Loan Selling Advisor®
- Pricing and Committing APIs
- XChange Center®
- Bulk Web Portal
- Home Possible Income and Property Eligibility Tool
NOTE: We’ll also do additional testing over the weekend of June 10-12. This will not result in downtime for the tools, but some features in Loan Selling Advisor will not be available. We will provide the exact times for the maintenance on June 10-12 in the coming weeks on the Loan Selling Advisor login page and through the Client Resource Center.
Refer to our Client Resource Center for the most up-to-date information about the status of our technology tools – including information related to the extended maintenance windows for this effort. We encourage you to bookmark this page for reference.
Customer Education: New Job Aid
Access our new Delivery Requirements for Construction Conversion and Renovation Mortgages job aid. You’ll learn about the required data delivery fields, documentation types, and what to deliver.