GSEs to Hold Webinar on Uniform Closing Dataset
|May 13, 2014|
Freddie Mac and Fannie Mae’s (GSEs) will hold a joint webinar on the Uniform Closing Dataset (UCD) from 3-4:30 p.m. ET, Wednesday, May 14. Space is limited, so if possible, please have one person from your team register for the webinar and attend together as a group from an office or conference room.
The UCD is an effort being led by the GSEs to standardize the underlying data required by the Consumer Financial Protection Bureau’s (CFPB) new Closing Disclosure, which goes into effect Aug. 1, 2015 and will replace the current HUD-1 Settlement Statement.
For software providers who must update systems to support the new Closing Disclosure, the UCD will take much of the guesswork out of determining which pieces of data go into which spots on the form.
In addition to providing a blueprint to populating the disclosures, the UCD will also serve as a standard data format for settlement software and loan origination systems to exchange information about loan costs.
With these new requirements coming, title agents and lenders should take time now to verify that their respective systems can accept electronic information from the other. Lenders, in particular, will likely demand this capability from settlement providers in order to ensure compliance with the three-day rule. Rekeying of data from one system to the other may not be practical under the new rules.
For More Information