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Consumer Financial Protection Bureau

GSEs Publish Uniform Closing Dataset to Support CFPB’s Closing Disclosure

March 25, 2014

In an effort to standardize the underlying data required by the new Closing Disclosure, Fannie Mae and Freddie Mac have jointly created a new standard dataset called the Uniform Closing Dataset.

This dataset will be a new component in the Uniform Mortgage Data Program, which is an ongoing endeavor by the GSEs, under the direction of the Federal Housing Finance Agency, to improve the quality and accuracy of loan data. The UCD supports the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure, which will replace the current HUD-1 Settlement Statement.

The Closing Disclosure, along with a new Loan Estimate, goes into effect Aug. 1, 2015. For software providers who must update systems to support the new Closing Disclosure, the UCD will take much of the guesswork out of determining which pieces of data go into which spots on the form. In addition to providing a blueprint to populating the disclosures, the UCD will also serve as a standard data format for settlement software and loan origination systems to exchange information about loan costs.

With these new requirements coming, title agents and lenders should take time now to verify that their respective systems can accept electronic information from the other. Lenders, in particular, will likely demand this capability from settlement providers in order to ensure compliance with the three-day rule. Rekeying of data from one system to the other may not be practical under the new rules.

The GSEs recently published the UCD Mortgage Industry Standards Maintenance Organization (MISMO)-mapping document, Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model. Vendors and service providers should develop a plan for how they will implement the dataset and support their lenders. The GSEs intend to collect the UCD from lenders in the future. However, they have not yet determined the method or timeline for the data collection, but will provide more information in the future. The GSEs will not collect the UCD data until after CFPB’s Closing Disclosure effective date.

Next Steps for Vendors and Service Providers

If you are planning to implement the new Closing Disclosure or are involved in the exchange of Closing Disclosure data between business partners, be sure to review Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model. In addition, you’ll want to visit the GSEs’ web pages to submit your contact information and receive future news and information to support your implementation of the UCD. You should also talk with your lenders about how the UCD may affect your joint processes and technologies.

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