Fiserv Receives UCD Delivery Verification from Fannie Mae and Freddie Mac
LoanComplete helps lenders streamline and automate UCD creation, delivery to GSEs
Known as the UCD mandate, this requirement is part of the Uniform
Mortgage Data Program® (UMDP®), an industry-wide
drive to build a better housing finance system in the
LoanComplete automates many steps in UCD preparation and delivery, mitigating operational risk and potential buyback requests by eliminating manual data entry and costly, cumbersome stare-and-compare data validation.
"With more than 700 data points and 1,500 enumerations to be captured
and validated, the new mandate could present a myriad of challenges for
lenders throughout their mortgage process," said
LoanComplete creates a UCD file from a Closing Disclosure document and automatically compares the two with market-leading optical character recognition technology designed to ensure data accuracy prior to delivery. Closing Disclosure data extractions are executed against TRID rules, which are maintained with version control to demonstrate evidence of compliance.
Once all data is captured and validated, it is formatted according to
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today - financial services at the speed of life. Learn more at fiserv.com.
- LoanComplete: Quality Check for UCD - https://www.fiserv.com/insights-optimization/enterprise-content-management/loancomplete/loancomplete-quality-check-ucd.aspx
- UCD Compliance with LoanComplete - https://www.fiserv.com/resources/loancomplete-for-ucd.aspx
- LoanComplete video - https://www.fiserv.com/resources/loancomplete-video.aspx
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