Fannie Mae and Freddie Mac have released the final specification update regarding the Uniform Closing Dataset, the digital file format for the TRID Closing Disclosure form.
The government-sponsored enterprises previously announced in September that the UCD would be required for any loans delivered to them on or after Sept. 25, 2017. This latest update is expected to be the last prior to that date, Fannie and Freddie said Tuesday.
The UCD allows individual data points in the closing disclosure to be stored in a database and analyzed. It was developed under the auspices of the Uniform Mortgage Data Program.
The update covered multiple concerns. It corrected certain data points that could cause the UCD file import to fail and added further information to delivery notes for certain data points for greater clarity based upon lender and vendor feedbacks.
Fannie and Freddie also chose to remove Appendices A and B, which pertain to closing disclosure mapping to the Mortgage Industry Standards Maintenance Organization reference model. Instead, lenders and vendors should now refer to Appendices H and I, which go over UCD delivery specification.
Additionally, the GSEs updated the appendices regarding UCD sample use cases and sample XML files.
When the Sept. 25 mandate becomes active, only borrower data and the closing disclosure will be needed; seller data will not be required until the third quarter of 2018.