Upcoming Loan Closing Advisor Releases and UCD Phase 3 Critical Edits Transition Resources
We’re updating Loan Closing Advisor® to help you continue to prepare for the Uniform Collateral Dataset (UCD) Phase 3 critical edits transition. Use these additional UCD resources to further guide your system preparations.
Upcoming Loan Closing Advisor Releases
UCD Critical Edit Phase 3 edits and message changes will be implemented in the Loan Closing Advisor production and customer test environment (CTE) on February 22 and March 15 to help you resolve potential critical issues prior to the May 1, 2023, Phase 3 implementation mandate. The Loan Closing Advisor release notes include edits and messages that are being modified, added or removed for Phase 3:
- Loan Closing Advisor February 22 Release Notes General additions, removals and updates of messages for UCD Critical Edits Phase 3.
- Loan Closing Advisor March 15 Release Notes Updates to messages related to UCD Critical Edit Phase 3 and the Qualified Mortgage (QM) Short Term Reset adjustable-rate mortgages (ARMs) Annual Percentage Rate (APR) data point.
We’re also adding the following new and updated resources to help you prepare your systems:
- Updated Loan Closing Advisor Feedback Message Document
- New Color-coded Closing Disclosure Map of the fields included in each UCD critical edit phase
Recently Updated Resources
- UCD December 20 Joint GSE Industry announcement with new and updated joint UCD resources
- UCD Critical Edits Matrix v5.3 - Updated to correct guidance for Recording Fees. Note the separate tab for the new QM Short Term Reset ARM APR Percent data point edits.
- UCD Specification Update Impact Memo v2.1, - Addressing correction for Recording Fees.
RECAP OF WHAT’S ALSO AVAILABLE
UCD Phase 3 critical edits and QM Short Term Reset ARM APR Percent data point warning and critical edits are available for testing in the Loan Closing Advisor production environment (warning edits) and CTE (critical and warning edits). Refer to the UCD November 7 Joint GSE Industry announcement for more information.
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].