DocMagic, Inc., the mortgage industry’s leading provider of document production, automated compliance and comprehensive eMortgage services, has technologies now capable of supporting both phases of the UCD (Uniform Closing Dataset) requirement, the company announced I n a release.
The company’s technology solutions, which were 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—well in advance of the phase one 2017 deadline and the phase two 2018 deadline—as has been recommended by both GSEs.
The technology supports both phases of upcoming UCD requirements. The company’s dual certifications enable lenders to fulfill GSEs’ recommendations of advanced preparation and testing for both 2017 and 2018 UCD delivery deadlines, the release said.
The UCD is a common industry dataset that allows information on the Consumer Financial Protection Bureau’s (CFPB’s) Closing Disclosure to be communicated electronically.
On Sept. 25, 2017, the GSEs required lenders to deliver borrower data and the Closing Disclosure in the UCD file. DocMagic’s 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.
“At DocMagic we went above and beyond attaining the initial GSE UCD certification because we want our customers to have the option to implement the GSE-recommended testing, which allows them to implement phase two requirements now,” DocMagic eServices Director Tim Anderson said in the release. “Phase one addresses the XML file for the borrower CD and associated data, but the GSEs have definitively recommended that lenders complete everything before the phase one Sept. 25, 2017 deadline. We find that lenders that are serious about sustained profitability and growth tend to follow GSE recommendations and take action ahead of time. Now with DocMagic, all of our lender clients have that option.”
To assist lender clients in meeting the entire UCD mandate, DocMagic launched its 'UCD Control Center,’ a one-stop, go-to resource for everything lenders need to know about the UCD requirement. It offers tools, documentation, interactive communication for Q&A, webinars, updates, and most importantly the ability for lenders to test for the entire UCD mandate ahead of the announced completed 2018 deadline, the release said.
“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,” DocMagic CEO Dominic Iannitti said. “Lenders, settlement providers and other organizations must prepare now or run the precarious risk of being unable to sell their loans. DocMagic is proud to be leading the way, yet again, to help them avert these costly risks.”