ULDD Phase 2 Preparation Tips, Specification Update, and More
Our Single-Family News Center article provides you with information on the following:
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Preparing for the Uniform Loan Delivery Dataset (ULDD) Phase 2.
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ULDD specification updates, including the removal of Appendix E-MISMO Version 3.0 Reference Model with GSE Extensions.
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Qualified Mortgage requirements.
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Fannie Mae's implementation of ULDD Phase 2.
Evaluate Your Business Processes & Loan Delivery Method
As you prepare for ULDD Phase 2, you should now be completing your data point analysis. After carefully reviewing the Phase 2 data points, you should know which data points you currently collect and which ones require a plan for future collection. For more information, be sure to read the May 20 Single-Family News Center article (link in sidebar).
Once you've completed your data analysis, you can move to the next step in your preparation–evaluating your business processes and confirming your delivery method. During this important phase, you should complete the following tasks: -
Validate the potential impacts that collecting the new data points may have on your business processes.
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Identify possible gaps within your business areas, including loan production, operations and controls, and packaging and shipping.
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Consider resource impacts to your systems and support staff.
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Confirm your loan delivery method, particularly if you currently enter your loan data manually. If you'd like to work with a technology vendor to import all or some of your data, be sure to talk to vendors now. Our vendor selection guide [PDF] (link in sidebar) provides important questions to help you determine the right vendor for your needs.
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If you currently use a vendor's technology solution, ask your vendor about their implementation timeline.
We'll continue to provide you with tips to help you prepare for ULDD Phase 2. In October, we will provide you with a link to the Are You Ready for ULDD Phase 2 tutorial, which is designed to help you and your team take the necessary steps for a successful implementation.
ULDD Specification Updates
Earlier this year, we informed you that we would be making updates to the ULDD Phase 2 specification on approximately a quarterly basis. These updates address changes to Freddie Mac delivery requirements and market conditions, as well as provide you with more clarity for delivery success. Please be sure to take these changes into account as you continue your Phase 2 preparations.
Today, you will find updates to the ULDD Phase 2 specification, a link to Appendix A – Freddie Mac XML Data Requirements V.3.2.0 [PDF] is in the sidebar, which include changes and clarifications to support your implementation. Tab 9Q3-ULDDS Addendum Issued 8-22-2013 provides the list of data points with updated requirements, including conditionality details, implementation notes, format, or enumerations;
Tab 7-Cardinality provides updates to the loan delivery data file structure; and Tab 10-Phase 2 Complete Mandate 8-25-2014 provides the complete dataset for the Phase 2 implementation, including all addendum changes to date.We also encourage you to leverage the recorded tutorial link in the sidebar, Selling System Updates, Tips, and Best Practices – 2nd Quarter 2013, with information on ULDD Phase 2 and useful tips and reminders about delivering data through the selling system.
Additional News
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QM Requirements: The ULDD Phase 2 dataset will not include requirements for the Consumer Financial Protection Bureau's Ability-to-Repay (ATR) and Qualified Mortgage (QM) ruling. These requirements will be announced as part of ULDD Phase 3. For more information on ATR and QM requirements for mortgages with applications received on or after January 10, 2014, please find links in the sidebar to review our July 2, 2013 article and Industry Letter, along with the Guide Section 4202.6.
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Fannie Mae ULDD implementation: On June 27, 2013, Fannie Mae announced a delay to their timeline for the ULDD Phase 2 implementation. However, Fannie Mae is emphasizing the need for lenders and vendors to continue to work toward the ULDD Phase 2 timeline, which includes collecting the Phase 2 data points for all loans with Application Received Dates on or after March 1, 2014. Freddie Mac continues working toward the August 25, 2014, mandate with the transition period beginning on May 19, 2014. For more information, please see our article, linked in the sidebar.
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Removal of Appendix E-MISMO Version 3.0 Reference Model with GSE Extensions: The ULDD Phase 2 requirements included Appendix E, containing extensions to the MISMO Version 3.0 Reference Model. Since Freddie Mac does not require the data points specified in the extension containers, and Fannie Mae will not be able to accept the two Appendix E data points until a later date, we have removed Appendix E from our website and our requirements.
More Information
For more information, please review the following:
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Appendix A – Freddie Mac XML Data Requirements V.3.2.0 [PDF] updated August 22, 2013. Refer to the Excel version for easier data sorting and organizing: Appendix D – Freddie Mac XML Data Requirements Reference Tool V.3.2.0 [XLS].
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Preparing for ULDD Phase 2 [PDF] calendar (link in sidebar), with a monthly checklist of important tasks.
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Vendor Selection Guide [PDF] (link in sidebar).
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QM and ATR information (link in sidebar).
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Selling System Updates, Tips, and Best Practices – 2nd Quarter 2013 (link in sidebar).
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Coming soon: Are You Ready for ULDD Phase 2 training and the ULDD Implementation Guide.
As always, please contact 800-FREDDIE or your Freddie Mac selling system representative with questions.
This communication relates to the Uniform Mortgage Data Program, an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of their regulator, the Federal Housing Finance Agency.