Both Fannie Mae and Freddie Mac (GSE’s) announced that the Uniform Closing Dataset (UCD) file will be required for all borrower data for all loans purchased by a GSE with a Note Date on or after September 25, 2017. While this is a lender requirement, a lender may request that the settlement agent provide an electronic data file containing the closing disclosure information (CDF).
What is UCD?
The UCD is an industry dataset that allows information on the CFPB’s Closing Disclosure Form to be communicated electronically to the GSE’s. It was created to increase loan quality and provide consistency through data standards on all loans that a GSE purchases.
What does this mean for you?
The UCD data file contains information from the Closing Disclosure Form (CDF) along with other data that the Lender has in their production system. While the lender will send the actual UCD file to the GSE’s, they may request a separate data file from settlement agents containing the CDF information. You may create this file by using the CDF Export feature in SoftPro 360. Upon receipt of this file, the Lender can merge the information with their existing LOS data to produce the required UCD file.
To activate the CDF Export feature, contact SoftPro Sales at 800-848-0143, Option 1 or Sales@SoftProCorp.com.