Understanding UCD and Freddie Mac Loan Closing Advisor
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1 March 21, 2017 Understanding UCD and Freddie Mac Loan Closing Advisor Webinar Start: 11:00 a.m. PT (2:00 p.m. ET) Dial-In: (866) Conference Code:
2 Ask a Question Submit questions via the Q & A pod 2
3 Presentation materials will be provided to attendees after the webinar.
4 Forward Looking Statements and Confidentiality This presentation may contain forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of These forward-looking statements include statements regarding enhancements to, and additional features and functionality of, Ellie Mae s software and services and regarding new product launches and is subject to change at Ellie Mae s discretion. Additional risks and uncertainties related to the company s business are discussed in the company s Securities and Exchange Commission filings, including but not limited to the company s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Unless otherwise required by applicable laws, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The content in this presentation is intended for general information purposes only. It should not be construed as legal advice or opinion on any specific facts or circumstances. You are advised to consult your own compliance staff or attorney regarding your specific residential mortgage lending questions and to ensure your compliance with applicable laws and regulations. The content is confidential to Ellie Mae and should not be discussed with or shared with anyone outside of your organization Ellie Mae. All rights reserved. 3/21/2017 4
5 Today s Presenters Piper Beveridge VP, Strategic Relations Ellie Mae Beth Stark-Johnson Director, Single Family Freddie Mac Ronyelle Banks Product Manager Ellie Mae
6 Agenda Uniform Closing Dataset Overview Loan Closing Advisor Overview Loan Closing Advisor within Encompass Questions (?) 2016 Ellie Mae. All rights reserved. 3/21/2017 6
7 Freddie Mac Loan Closing Advisor 2016 Ellie Mae. All 3/21/2017 rights reserved. 7
8 What is the Uniform Closing Dataset? Freddie Mac and Fannie Mae (GSEs), under the direction of the FHFA, established a joint GSE workgroup in 2013 to create the Uniform Closing Dataset (UCD). The UCD was developed from the CFPB s TRID Regulation and contains the all of the data represented on the Closing Disclosure as well as a few GSE specific fields. The first UCD specification was published Feb 2015; a final version is planned for September The GSEs are aligned on: the data to be collected the timeframe for the collection mandate supporting the industry with UCD implementation 2018 timing for alternate form, seller data, and redelivery of data The GSEs have implemented separate collection tools. 8
9 What is the Loan Closing Advisor? Loan Closing Advisor SM, a key component of Freddie Mac s Loan Advisor Suite SM will be of vital importance to Freddie Mac customers going forward» Validates closing data aligns with Uniform Closing Dataset specification» Validates XML is formed using MISMO 3.3» Provides real-time actionable feedback» Allows third party originators (TPOs) to submit and assign loans» Provides aggregators access to assigned loan information» Is Freddie Mac s UCD collection tool Submission of UCD through Loan Closing Advisor will be required for all loans sold to Freddie Mac in Q
10 Validates Against Specification Provides Real-time Actionable Feedback Loan Evaluation Summary Provides an evaluation error indicator for General Info, Data Quality, and Eligibility Results Results tabs provide navigation to Evaluation Details 10
11 Validates Against Specification Provides Real-time Actionable Feedback General Info Includes loan level validations of required data elements 11
12 Validates Against Specification Provides Real-time Actionable Feedback Data Quality Results Provides feedback messages and codes for data representing each numbered section of the Closing Disclosure, and any GSE specific components of the UCD file Use messages to perform pre- and post-close reconciliation and document corrections Freddie Mac does not make purchase decisions on the messages displayed 12
13 Validates Against Specification Provides Real-time Actionable Feedback Data Quality Results Expansion/Collapse functionality provides summary or detailed view of messages 13
14 Validates Against Specification Provides Real-time Actionable Feedback Data Quality Results Provides toggle functionality to view business or technical messages 14
15 Validates Against Specification Provides Real-time Actionable Feedback Eligibility Results Validates conformity with some Freddie Mac eligibility guidelines based only on closing data provided in the UCD XML file Allows eligibility check earlier in the loan manufacturing process for additional data quality certainty prior to delivery and submission to the Selling System 15
16 Key Benefits Reliability. Helps ensure closing data aligns with UCD. Delivers actionable feedback messages on the UCD data quality. Certainty. Provides eligibility information on closing data, greater purchase certainty and reduction of repurchase risk. Confidence. Gives TPOs direct access to validate UCD XML file structure, standards and data before assigning a loan. Efficiency. Helps save time and money by identifying errors before closing reducing the likelihood of loan remediation and delays in delivery. Quality. Helps you create a pristine UCD XML file and close loans with more confidence. 16
17 Implementation Considerations The 9/25 UCD mandate is based on note date. Planning should consider pipeline lock periods prior to September Take advantage of training opportunities on FreddieMac.com Get signed up for Loan Closing Advisor SM UCD related technology and operations in place for new applications by June Use Loan Closing Advisor through Encompass to deliver loans to Freddie Mac Congratulations! You are ready for September 25,
18 Loan Closing Advisor SM Training & Resources Get started today: For specific questions: Contact your Freddie Mac representative or or Customer Support (800-Freddie) Loan Closing Advisor Training User Guide and online help support Uniform Closing Dataset web page for business and technical resources including Q&A, appendices and related announcements: FreddieMac.com/singlefamily/sell/ucd.html Technology Integration Vendor page 18
19 Loan Closing Advisor within Encompass 2016 Ellie Mae. All 3/21/2017 rights reserved. 19
20 Accessing Loan Closing Advisor 2015 Ellie Mae. All rights reserved. 3/21/
21 Accessing Loan Closing Advisor 2015 Ellie Mae. All rights reserved. 3/21/
22 Loan Closing Advisor Order Screen 2015 Ellie Mae. All rights reserved. 3/21/
23 Loan Closing Advisor Password Manager 2015 Ellie Mae. All rights reserved. 3/21/
24 Loan Closing Advisor Order History 2015 Ellie Mae. All rights reserved. 3/21/
25 Loan Closing Advisor Results in efolder 2015 Ellie Mae. All rights reserved. 3/21/
26 Loan Closing Advisor Evaluation Summary Example 2015 Ellie Mae. All rights reserved. 3/21/
27 Importing Conditions from Loan Closing Advisor Results 2015 Ellie Mae. All rights reserved. 3/21/
28 Importing Conditions from Loan Closing Advisor Results 2015 Ellie Mae. All rights reserved. 3/21/
29 Marking a Closing Disclosure as Final Mark a Closing Disclosure (CD) as Final in the efolder & Disclosure Tracking Tool:
30 Preparing You for UCD Managing Custom Fees Itemization Fee Management Solves custom/ucd fee type differences. Use the tool to map custom fee names to the UCD fee types Unmapped Fees will export as FeeType="Other"
31 Preparing You for UCD UCD inputs for VOL and CD pg. 3 Allows supported payoff and adjustment types to export to UCD VOL CD Page 3
32 Resources
33 Resources
34 Resources 2015 Ellie Mae. All rights reserved. 3/21/
35 Questions?
36 Stay Connected linkedin.com/company/ellie-mae Ellie Mae. All rights reserved. 3/21/
37 Thank You!
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