GSEs Waiting on CFPB Before Publishing Standardized Data Requirements

Fannie Mae and Freddie Mac told theirrnlenders today that they will soon provide a common industry data set for the ConsumerrnFinancial Protection Bureau’s (CFPB) proposed new Closing Disclosure Forms.  The new forms will consolidate a number ofrnprevious forms into two and give consumers enhanced information on loan terms,rnpayment amounts, escrow items, and loans costs. rn</p

The GSE’s support of the CFPB forms willrnbe a continuation of the Uniform Mortgage Data Program® (UMDP), an ongoingrneffort to standardize the way loan data is defined, collected, and delivered inrnthe mortgage industry in order to enhance the accuracy and quality of loanrndata.  The Uniform Closing Dataset (UCD) whichrnis used by both of the government sponsored enterprises (GSEs) is a componentrnof the UMDP and will be used to support the proposed closing forms.  The UCD will rely on the Mortgage IndustryrnStandards Maintenance Organization^® (MISMO^®) data standardsrnthat are already well-established in the industry.</p

In press releases Tuesday afternoonrnboth GSEs said they would publish the UCD after CFPB publishes its Final Rule forrnthe Integrated Mortgage Disclosures Regulation, which includes the ClosingrnDisclosure form. The UCD will contain the standardized data requirements forrnelectronically implementing the form. The GSEs said they are currentlyrngathering input on draft data specifications from industry participantsrnincluding lenders, vendors, and settlement service providers.</p

The press releases said if thernfinal rule is published this fall as expected, the GSEs will have morerninformation later in 2013 on the implementation plans, specifications, andrnresources available to transition to the new dataset.

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