Veros Real Estate Solutions, a developer of enterprise risk management, collateral valuation, and predictive analytics services, and mortgage document preparation vendor International Document Services Inc. (IDS) are partnering to provide lenders with a fully integrated automated delivery solution for submitting the Uniform Closing Dataset (UCD) to government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
The partnership creates a fully integrated UCD data file creation solution and submission solution, the companies say in a release.
By offering lenders a single, integrated solution – similar to the Uniform Collateral Data Portal (UCDP) – and combining IDS’s UCD XML file creation capability with Veros’ Pathway UCD submission system, the companies claim they can ensure full compliance with the GSEs’ June 25 mandate.
In January the GSEs issued a warning that UCD edits in their respective delivery systems related to non-submission or unsuccessful UCD submission will become critical or fatal effective June 25.
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.
Both GSEs are recommending that lenders prepare for the change by submitting “Successful” UCD files prior to delivering their loans, as appropriate.
In response to the joint announcement from January, IDS has updated its proprietary idsDoc platform to support the directive. To that end, IDS is 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,” says 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.”