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.

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Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. ALTA ONE Sidebar Ad - Green and Blue