It’s not a new federal compliance requirement, but the deadline for compliance is today. I’m talking of course about the ULDD. There has been a lot of buzz about it lately but there are still quite a few of out there that are still in the dark as to exactly what it is and what Calyx is doing to ensure compliance.
ULDD, or Uniform Loan Delivery Dataset, is a Fannie Mae and Freddie Mac mandate for companies who sell directly to them. If you don’t sell to them, but are a correspondent, you’ll most likely still need ULDD to deliver to your investor on all loans delivered on or after March 19, 2012 with application dates after December 1, 2011.
So what exactly is it? ULDD is a file format that uses an electronic data exchange standard format called MISMO 3.0 XML. With this standardized set of field deliverables, overall loan quality on loans going to Fannie and Freddie are expected to improve. Although both Fannie and Freddie derive their formats from the standard MISMO 3.0 format, Fannie’s field definitions are tweaked for their requirements, so ULDD has two flavors – one for Fannie and one for Freddie, but both require many of the same data points to be delivered in this format.
The new delivery standard contains 696 fields (data points) which depending on the loan conditions, may be required to be used for delivery. In Point, we are delivering over 200 of these fields. Since Point does not capture trade data or provide fields for helping you to service your loans, fields that are specifically for loans involved in trades and loan modifications are not included in Point.
What does that mean to you? Well, it means that your Point loan files must be updated to capture the appropriate data. Many of the ULDD fields are ones that you already fill out—loan application data that fill out a standard Fannie 3.2 file format, and HMDA data, so there is no need to panic. Many of the additional fields are based on loan delivery information, and those additional fields are found on the Banking Shipping screen
If you are delivering loans to an investor and are not sure of their final destination, Point 7.5 offers a “combined” ULDD file that allows each investor to parse out the data they need for either Fannie or Freddie. It’s a very convenient way to “cover all your bases.”
We offered the BETA version of Point 7.5 on November 15th to all current accounts so that you had time to prepare your first ULDD report. The full version of Point 7.5 is available today so that all of your users can benefit from the new and improved features of Point.
If you have any questions about Point 7.5 or ULDD, you can view the Release Notes or call our support team at 800-342-2599.
If your account is no longer current and you need to update your software, please call your account representative at 800-362-2599.