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Since May 2010, Fannie Mae and Freddie Mac, or the Enterprises, have been working to create data standardization of information provided by the mortgage industry. A key component of data standardization is the Uniform Mortgage Data Program® (UMDP®). This common approach to capturing and distributing loan data through the UMDP boosts operational efficiency, improves the quality of available data for the Enterprises and lenders, and provides greater clarity and certainty for loan purchases in the secondary market.
With the Enterprises' recent announcement of several UMDP elements, it's worth taking time to understand more about the program and its four primary components:
Uniform Loan Application Dataset
The Uniform Loan Application Dataset (ULAD) is the dataset that comprises the majority of the information the Enterprises use to make decisions through their automated underwriting systems. The ULAD maps to the newly redesigned Uniform Residential Loan Application (URLA), which the Enterprises recently announced will be able to be used by the industry in July 2019, with all new applications using the form in February 2020. The redesigned URLA is a borrower-friendly form that will provide lenders with greater flexibility, process efficiency, and compliance with the Home Mortgage Disclosure Act (HMDA) regulations.
Uniform Appraisal Dataset
The Uniform Appraisal Dataset focuses on improving the quality and consistency of appraisal data. It standardizes definitions, required fields, and responses for appraisals. All collected data is submitted to and stored in a single Uniform Collateral Data Portal for delivering appraisal data to Fannie Mae or Freddie Mac, allowing lenders to easily share appraisal information with their aggregators.
Uniform Closing Dataset
The Uniform Closing Dataset, not surprisingly, applies to closings. Beginning September 2017, it allows information from the Consumer Financial Protection Bureau's Closing Disclosure to be transmitted electronically to the Enterprises. The common dataset and associated business rules help improve the quality of newly originated loans.
Uniform Loan Delivery Dataset
The Uniform Loan Delivery Dataset (ULDD) defines the common data set required by the Enterprises for single-family loan deliveries. An update to the dataset adding HMDA fields and updating some business data will be able to be used by the industry in February 2018, and a mandate for compliance begins in May 2019.
Since its inception, the UMDP has supported improving mortgage industry data standards and enhanced accuracy and overall quality of loan data for home mortgages. We will continue to assess the project and its components in order to continue to make improvements over time. For more information on UMDP, visit Fannie Mae and Freddie Mac's websites.
Fannie Mae; Freddie Mac; Mortgage; Secondary Mortgage Market; Data
Senior Policy Analyst Division of Housing Mission & Goals
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