Uniform Closing Dataset Mandate Is Approaching
Fannie Mae has issued a reminder about the upcoming Uniform Closing Dataset Mandate that is approaching.
"The Uniform Closing Dataset (UCD) is a component of the Uniform Mortgage Data Program® (UMDP®), an ongoing effort by Fannie Mae and Freddie Mac at the direction of our regulator, the Federal Housing Finance Agency, to provide a common industry dataset to support the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure," according to Fannie Mae.
The UCD will be another document required when loans are delivered to the company. Fannie Mae has introduced three upcoming Readiness and Transition Webinars. The first of these webinars will take place on July 20. If you're unable to catch the first webinar, the next two will follow on August 9 and August 17.
For a quick rundown on UCDs, check out the video below. To learn more about UCDs click the image above.