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GSEs Release Guidance on New Loan Data Delivery System

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Fannie Mae (FNM) and Freddie Mac (FRE) published the implementation guide for its new loan delivery data requirements, part of the ongoing government-sponsored enterprises (GSE) initiative to improve the quality of the loans it purchases from originators. As conservator of the GSEs, the Federal Housing Finance Agency (FHFA) announced in May the Uniform Mortage Data Program — a collaborative effort to establish loan delivery data standards, as well as a joint appraisal data delivery system, for the single-family mortgages Fannie and Freddie purchase and/or securitizes. This week's announcement releases the specific data points — known as the Uniform Loan Delivery Dataset (ULDD) — lenders will be required to provide in electronic loan documents when the new policy goes into effect Sept. 1, 2011. Fannie Mae called it the "First key milestone" of the FHFA Uniform Mortgage Data Program. Data points are labeled either required, conditionally required (based on individual product or transaction parameters), or optional — items that will be implemented at a future date. In mid-June, the GSEs announced that Veros Real Estate Solutions won the contract to develop the software platform that will be used for electronic appraisal data delivery. That piece of technology will integrate with the Mortgage Industry Standards Maintenance Organization (MISMO) database, which serves as the overall loan delivery system for the new data. While preparations for next year's launched of the new system continues, coming up in October, Fannie Mae will expand its current electronic loan delivery system to accept loan files in the Extensible Markup Language, or XML, file format. The format is the MISMO standard for the new system and Fannie said the move will help originators prepare for the new delivery system before it begins. Write to Austin Kilgore. The author held no relevant investments.

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