Fannie Mae and Freddie Mac fully adopted the Uniform Loan Delivery Dataset, which the latter called a "critical milestone" in a blog post.
The ULDD falls under the larger Uniform Mortgage Data Program, a joint project from the government-sponsored enterprises to standardize data on appraisals and mortgages.
"Lenders nationwide are using a "common language" for the loans and appraisals they deliver to Freddie Mac and Fannie Mae, said Sam Oliver, VP with the single-family customer & technology data offering division of Freddie. "This is the culmination of several years of hard work, investment, and planning across the industry that we could not have accomplished without the collaboration and partnership of our customers, vendors, and appraisers."
The ULDD operates under the auspices of the Federal Housing Finance Agency, as do all joint GSE efforts such as this.
"We have already begun working on the next phase of the ULDD, which will support expanded loan-level disclosure for our mortgage-backed securities," Oliver adds.