Enterprise risk management, collateral valuation, and predictive analytics services company Veros Real Estate Solutions and mortgage document preparation vendor International Document Services announced Monday that they have partnered to provide mortgage lenders with a fully integrated automated delivery solution for submitting the Uniform Closing Dataset, or UCD, to Freddie Mac and Fannie Mae.
The partnership between IDS and Veros creates a fully integrated UCD data file creation solution and submission solution. By offering lenders a single, integrated solution – similar to the Uniform Collateral Data Portal, or UCDP – and by combining IDS's UCD XML file creation capability with Veros' submission system, Pathway UCD, both companies ensure full compliance with the GSEs' upcoming June 25, 2018 mandate, IDS explained in a press release.
"IDS is widely recognized as a leader in the mortgage document preparation space, and we are pleased to partner with them to provide lenders with a single, integrated solution to ensure compliance with the GSEs' upcoming UCD data submission requirement changes," said Robert Walker, CMB, CMT and vice president of sales at Veros.
Bank in January, Freddie and Fannie released a joint announcement warning that UCD edits in the GSEs' respective delivery systems related to non-submission or unsuccessful UCD submission will become critical or fatal as of June 25, 2018. In addition to the edits that will turn fatal in the GSEs' delivery systems, the UCD warning edit for embedding the PDF will also convert to fatal, resulting in a "Not Successful" status, as of the June mandate, IDS’ press release explained.
According to the press release, both Fannie Mae and Freddie Mac are recommending that lenders prepare for the change by submitting "Successful" UCD files before delivering their loans, as appropriate. In response to the joint announcement from January, IDS said that it has updated its proprietary idsDoc platform to support the directive and issued a press release on April 11, 2018 urging lenders to begin troubleshooting UCD files that resulted in a "Not Successful" status.
"IDS has been gathering feedback from our clients in an effort to error-proof the UCD submission process before the upcoming changes," added Matthew Mackey, director of sales and marketing at IDS. "Veros' expertise in working with automation and providing the technology powering the UCDP make them an excellent partner not only in this endeavor, but also in our overall goal to make idsDoc as seamless and efficient as possible for our clients."