Freddie Mac and Fannie Mae (the GSEs) have announced an Impact Memo that includes the following changes to the Uniform Closing Dataset (UCD) Specification v1.5:

  • The addition of a data point to capture the annual percentage rate (APR) for adjustable rate mortgages (ARMs) with interest rate changes within the first five years
  • Change to valid enumerations for mortgage insurance company names to support Genworth’s name change to “Enact”
  • Changes to acceptable values delivered for four data points

Updated UCD Critical Edit Resources

Based on industry feedback, the GSEs made the following changes for Phases 1-3 to the UCD Critical Edits Matrix and UCD Critical Edits Implementation Guide to provide clarity and additional guidance on the UCD critical edits transition:

  • Corrections to the Closing Disclosure form references and matrix format
  • Updates to explanations of the rules/logic to match UCD conditionality
  • Updates to reflect additional data quality edits for certain Qualified Mortgage (QM)-related data points. These changes (as well as any critical edit requirements that differ from v1.5 of the UCD Spec) are included in the February 15 Impact Memo.
  • Ensure you review the updated Loan Closing Advisor Critical Feedback Message document which align with the recent changes to the UCD Critical Edits Matrix

These changes and resources are important as you continue to prepare for UCD Critical Edits Phase 2, coming March 31, 2022. We encourage you to complete transition activities ahead of schedule to ensure your organization’s readiness in advance of each phase. We also recommend preparing for Phase 2 and the remaining phases by referring to the resources available on our UCD page.

Updates to Previously Announced Loan Closing Advisor® Critical Edit Changes

The GSEs recognize that some clients and software partners may need more time to implement changes announced in the Loan Closing Advisor February 11 Release Notes to the Qualified Mortgage (QM) edits and messages. Therefore, the GSEs are not implementing all the changes as previously announced.
 
Three of the changes to critical messages will instead be added as warning messages, effective February 11, 2022, and will transition to critical at a later date. The remaining critical message update and the announced new warning message for required QM datapoints related to Regulation Z have been implemented as planned.