In 2009, Fannie Mae and Freddie Mac (the GSEs) communicated to lenders that beginning July 1, 2010, lenders would be required to deliver four new data elements: the appraiser’s state license number, supervisory appraiser’s state license number, loan origination company identifier and loan originator identifier.

The following are the corresponding Uniform Loan Delivery Dataset Sort IDs:
• Sort ID 525 – Appraiser License Identifier (appraiser’s state license or certification number)
• Sort ID 534 – Appraiser License Identifier (supervisory appraiser’s license or certification number)
• Sort ID 627 – Party Role Identifier (loan origination company)
• Sort ID 634 – Party Role Identifier (loan originator)

On Nov. 26, 2012, each GSEs’ delivery system will begin delivering a fatal or critical edit when the data is not delivered for Sort ID 525, Sort ID 627 and Sort ID 634.

Please note, the submission of appraisal data files with the appraiser state license or certification number and supervisory appraiser’s state license or certification number to the Uniform Collateral Data Portal does not replace the requirement to provide this information at loan delivery. Lenders must review the Frequently Asked Questions, which include instructions for unique scenarios, such as when data is not available.

As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and Exchange Commission issued SEC Rule 15Ga-11, which requires all securitizers, including the GSEs, to publicly disclose information regarding ABS loan repurchase requests. One of the requirements of this SEC Rule is to disclose the identity of the entity funding the applicable mortgage, as recorded on the note.

As a reminder, in accordance with the SEC rule, the GSEs are requiring lenders to deliver the following new ULDD data points for mortgage applications received on or after August 1, 2012:
• Sort ID 641.2 – Party Role Type= “note pay to”, and
• Sort ID 641.1 – Full Name, enter the name of the entity funding the applicable mortgage, as recorded on the note.

Each GSE will provide a timeline for updates to its loan delivery applications to facilitate the collection of these data points.

Please note Freddie Mac has updated its Post-Settlement Correction Forms to align with the new ULDD data requirements; the previous versions will no longer be accepted. It is recommended to download the form every time one uses it, to ensure he/she has the most recent version.

Freddie Mac is now in the ULDD transition period, which ends on July 23, 2012, when the ULDD requirements for Phase I become effective for loan deliveries that have application received dates on or after Dec.1, 2011.

It is strongly encouraged to fully transition to the Phase I ULDD as soon as possible. As part of the transition, an individual should enter the application received date and submit all the required data for the Phase I ULDD implementation. In some cases, when the transition has been fully made to the ULDD, the individual receives an expanded purchase edits. By making the ULDD requirements a part of a business process now, the company will be better prepared for the July 23 ULDD implementation.

Please make sure that data entered into the selling system for loans with application received dates on or after Dec. 1, 2011 matches the appraisal data entered into the UCDP. Soon, the selling system will automatically compare a limited set of data points in the UCDP against the data provided in the selling system based on the Appraisal Identifier that you entered in the selling system. The Appraisal Identifier is the Document File Identifier or Doc File I.D. received from the UCDP.

In addition to the customer test environment, Freddie Mac has a variety of tools and resources to help implement the ULDD:
• Loan Entry & Evaluation with the ULDD: An interactive webinar that provides information on the selling system functionality, the redesigned create new loan screen, new purchase edit messages and more.
• New ULDD tutorials, available 24/7, to provide helpful tips to use the updated selling system.
• Selling and Delivery Training and Education Resources: A complete list of educational resources available to support the sell and deliver process.
• On the Right Track: Key program milestones and recommended activities for preparing for the full adoption of the UMDP.