Are you getting ready for the Phase 2 Uniform Loan Delivery Dataset (ULDD)? Freddie Mac issued a release saying that it’s critical to start planning now to ensure that you’re fully prepared for the implementation. As a reminder, lenders must begin collecting the Phase 2 ULDD data points for all loans with Application Received Dates on or after March 1, 2014, and delivered to Freddie Mac on or after August 25, 2014. “Working together, we can continue to successfully build on the strong foundation of the ULDD by further improving data quality, accuracy and consistency,” Freddie Mac stated.
Freddie Mac will support lenders’ preparation efforts with tools, training and other resources. Over the course of the next year, the government-sponsored enterprise (GSE) will assist lenders by describing the steps they need to take for a successful implementation. Lenders can find a month-by-month checklist of important tasks to complete in the Preparing for ULDD Phase 2 calendar.
Conduct Phase 2 ULDD Data Analysis
The first step in preparing for a smooth implementation begins with conducting a thorough analysis of the Phase 2 ULDD data points.
Whether a lender delivers loan data directly from its own system, uses a vendor to import the data or manually enters the information, the lender will need to complete the following action items:
- Review the data points in Appendix A – Freddie Mac XML Data Requirements V.3.1.0. You may also refer to the Excel version for easier data sorting and organizing: Appendix D – Freddie Mac XML Data Requirements Reference Tool V.3.1.0, including addenda.
- Determine which data points you currently collect and maintain in its systems or mortgage document files.
- Make sure that the data points that the lender collects meet the requirements stated within the ULDD specification (Appendix A), and in Chapter 17 of the Freddie Mac Single-Family Seller/Servicer Guide.
- Identify any data points that the lender does not currently collect.
- Develop a plan to capture the missing data; identify how and where the new data points should be collected and stored in your systems.
- Review the Investor Feature Identifiers (IFIs) job aid for a complete list of IFIs.
- Contact your Freddie Mac representative or 800-FREDDIE if you have any questions about the data points or the specification. It’s far better to clear up any confusion now, rather than later in your implementation process.
- Check our website for quarterly releases of the ULDD specification.
More information
Freddie Mac will provide more information on your Phase 2 ULDD preparation steps in upcoming communications. In the meantime, be sure to review the following: