IDS Advises Mortgage Lenders to Address UCD Warnings Prior to June 25 Deadline

SALT LAKE CITY, Utah -- Mortgage document preparation vendor International Document Services, Inc. (IDS), announced it is advising all lenders to begin troubleshooting warnings from Fannie Mae and Freddie Mac's Uniform Closing Dataset (UCD) portal regarding missing information in their UCD files. Beginning June 25, UCD files that trigger a warning will not be accepted by the GSEs.

"IDS has been monitoring our users' experience with the UCD XML file submission process closely since UCD went into effect last September, and the announcement of the June enforcement date for 'error-free' UCD files has only enhanced our focus," said IDS Vice President and General Manager Mark Mackey. "Because warnings can vary from lender to lender, we are encouraging our customers to reach out as quickly as possible and notify us of the warnings they're receiving and the triggers for those warnings so that we can best advise them on the adjustments that need to be made."

While Fannie Mae and Freddie Mac utilize the same XML file format for UCD delivery, the organizations differ in their methods of extracting the data from the file. As such, Mackey explains, lenders may also observe differences in the warnings they receive from each and should address warnings from each separately.

"The more feedback we receive from our customers on this, the better we're able to address these issues early so that the loan process continues to run smoothly," Mackey added. "In many of the early cases we've seen, data entry error is the most common trigger for a warning, though data mapping issues between loan origination systems and idsDoc may also be a possible trigger. As an added layer of protection, IDS can add audits, notes and/or notifications to idsDoc to help lenders ensure successful submission of their UCD XML files."

About IDS, Inc.:
IDS, a Reynolds and Reynolds company, was founded in 1986 in Salt Lake City, Utah, and is a nationwide provider of mortgage documents and compliance. IDS services include electronic signatures, closing documents, initial disclosures, document fulfillment and integration with leading loan origination systems and eClosing platforms. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs, particularly in regards to major industry compliance changes.

Learn more at: http://info.idsdoc.com/.

Related link:

This news story was published by the Neotrope® News Network - all rights reserved.