Today’s post is about a specific field that you need for ULDD reporting. We’ve received numerous questions about it and we’ve discovered it’s a simple answer and one that we thought everybody needed to know.
Point currently has a field called “Note Pay To” which is Field ID #641.2.This is the field that the ULDD pulls from. There is also a field for the actual funder (641.1) that is not used for the ULDD report.
So you do have the ability to enter and track both the Payee and the Funder if they are different. However, Fannie Mae does not request, nor require, both.
According to Fannie Mae, “the entity that is listed o the mortgage note (641.2), even if it conflicts with the actual funder of the loan, should be submitted at delivery.” The “Note Pay To” is the field Fannie Mae is looking for in their “Mortgage Funder” requirement.
If you have any other questions about the ULDD, you can visit our Knowledge Base for detailed articles and instructions, or call our helpful tech support team at 800-342-2599.