DocMagic’s UCD Technology Solution Now Supports Both Phases of Upcoming UCD Requirements

June 27, 2017

DocMagic Inc. announced that its technologies are now capable of supporting both phases of the upcoming UCD (Uniform Closing Dataset) requirement. The company’s technology solutions, which have been certified by Fannie Mae and Freddie Mac for both phases of the UCD file delivery mandate, enable lenders to start immediate testing of full UCD delivery.

The Uniform Closing Dataset (UCD) is a common industry dataset that allows information on the Consumer Financial Protection Bureau’s (CFPB’s) Closing Disclosure to be communicated electronically. To address recent industry concerns, Fannie Mae and Freddie Mac announced they would delay by six months the requirement for lenders to embed the Closing Disclosure PDF within the Uniform Closing Dataset XML file. In their announcement, the GSEs reported there are industry challenges embedding the Closing Disclosure PDF. The previous deadline was September 2017, but as a result of customer feedback, the GSEs will not enforce this requirement until April 2018.

Later, in 2018, the second phase of the mandate will require seller data to be included as well. However, according to a joint statement issued by the GSEs, both Fannie Mae and Freddie Mac are recommending that lenders start to “submit files with both Borrower and Seller data, if available, in order to test their processes and become familiar with the messaging from each GSE’s collection system.”

DocMagic reported that its technology solutions allow lenders to fulfill the GSEs’ recommendation by generating and compliantly delivering UCD files that include both borrower and seller data to the GSEs. DocMagic can also accept UCD XML data from third parties—such as title and settlement companies—and deliver it to the GSEs.

“Our customers and partners rely on us to do everything we can to assure they transact the safest, most compliant loans—and helping them prepare for a major new mandate like the UCD requirement is no different,” said Dominic Iannitti, CEO of DocMagic. “Lenders, settlement providers and other organizations must prepare now or run the precarious risk of being unable to sell their loans.”

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