Fannie Mae announced late last week that it will release a new Loan Delivery application to enable more efficient delivery of the government-sponsored enterprise’s (GSE) loans.
Loan Delivery is a Web-based application through which lenders submit loans to Fannie Mae for whole loan sale and mortgage-backed security tools.
The new version of Loan Delivery will provide lenders with “new and enhanced functionality, greater transparency and improved edit management capabilities,” Fannie Mae said. The new application was designed based on input from Fannie Mae customers and end-user usability studies.
Lenders can use the updated application to import loan and pool data, perform edits to facilitate error-free delivery, transfer loans between commitments or pools, track the status of loan deliveries, generate reports and export loan and pool data for use elsewhere in a their organizations.
Fannie Mae plans to release the new application on Dec. 1. The GSE will allow lenders to test their Uniform Loan Delivery Dataset (ULDD) files on Sept. 1. Vendors may also obtain access to the test environment to test their ULDD XML files prior to releasing software updates to their customers.
Both the current and new Loan Delivery applications will be available simultaneously during the lender transition period, but by Feb. 1, 2016, the current Loan Delivery application will no longer accept new loan submissions, and all new deliveries must occur in the new Loan Delivery application. To access the new Loan Delivery application, lenders will continue using their existing Loan Delivery user IDs and passwords.