Important Information regarding UCD Requirements
As our valued partner, we are providing awareness to the upcoming Uniform Closing Dataset (UCD) requirements that will impact the way you do business.
What is the Uniform Closing Dataset?
The UCD is a common industry dataset that allows information on the TILA/RESPA Closing Disclosure to be communicated electronically. The GSEs have developed the UCD as part of the Uniform Mortgage Data Program® (UMDP), an ongoing initiative to enhance loan quality and consistency for single-family loans.
What do I need to know?
In 2017, all lenders will be required to provide all data on the Closing Disclosure for Agency transactions electronically to the GSEs. Each GSE will implement its own separate collection solution for lenders. Collection and delivery of the UCD will be mandated on September 25, 2017.
This will improve the accuracy of how the Closing Disclosure information is communicated.
What if I don't sell directly to the Agencies?
The Agencies will allow you to submit data to the UCD portal even if you are not a direct seller. Chase will require that all lenders submit their UCD files to both GSEs and provide proof to Chase of a successful submission via the UCD Findings Report. You will receive more information regarding Chase's requirements in upcoming Bulletins.