Test UCD Phase 3 Critical Edits in Loan Closing Advisor
Today is the day! Effective November 7 at 12:01 am ET, UCD Phase 3 critical edits and QM Short Reset ARM APR Percent data point warning edits are available for testing in the Loan Closing Advisor® customer test environment (CTE). The identical Phase 3 edits have been added as warnings and are available in Loan Closing Advisor’s production environment.
These new and revised messages will help you prepare your systems to meet the implementation mandate of May 1, 2023. Fannie Mae’s UCD closing solutions have also been updated.
Take note of the following Loan Closing Advisor Phase 3 milestones to ensure your organization’s readiness:
|Deployment of Phase 3 Edits in Loan Closing Advisor||Warning Edits||Critical Edits|
|CTE||October 13, 2022||November 7, 2022|
|Production||October 22, 2022||May 1, 2023|
Confirm with your software partners that you have the most up-to-date release supporting all UCD critical edits for Phase 3.
Additional Loan Closing Advisor Resources
Ensure you’re checking the Loan Closing Advisor and UCD pages for the most recent resources to help your organization prepare for upcoming changes:
New and Recently Updated Resources
- Loan Closing Advisor Feedback Message Document, v9 - Updated to include the Phase 3 and the QM Short Reset ARM APR Percent data point critical edits codes and messages.
- UCD Critical Edits Matrix v5.2 - Updated with new QM Short Reset ARM APR edits.
- Loan Closing Advisor FAQs
- UCD FAQs
- UCD Critical Edits Implementation Guide v1.4
- UCD Specification Update Impact Memo
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].