Visionnet Systems, a provider of technology solutions and business process outsourcing services for the mortgage industry, became a verified technology integration vendor for Freddie Mac.
The tech provider’s solution was tested to ensure that its interface was developed in accordance with Freddie Mac’s requirements for its Uniform Closing Dataset.
Fannie Mae and Freddie Mac will soon require mortgage lenders to deliver a common collection of data digitally. This new dataset will be required starting Sept. 25, 2017 as part of the Uniform Mortgage Data Program, an industry-wide drive to build a better housing finance system in the U.S.
Visionnet Systems’ solution will simplify the closing process by automatically generating the UCD from existing loan documents supplied by lenders.
It will address many common challenges that arise during UCD preparation, such as embedding a closing disclosure image within the system. It also handles the GSE-required merging of buyer and seller UCDs before the delivery, caters to different closing disclosure and addendum formats and addresses inconsistent terminologies between the closing disclosure and MISMO.
It also offers creation, validation and delivery of the UCD that is compliant with the Consumer Financial Protection Bureau closing disclosure, and is an early solution that is prepared to deliver seller’s disclosures ahead of the 2017 mandate.
“Our CD2UCD solution facilitates UCD compliance when a lender’s legacy loan origination system can’t perform this task, or where a correspondent lender lacks the closing disclosure data and documents are of poor quality,” Visionet Systems CEO Arshad Masood said. “As a verified technology integration vendor, our customers can rest assured that they’ll be ready to comply with the UCD mandate.”