Uniform Closing Data in Point Webinar Q&A

Uniform Closing Data in Point Webinar Q&A The following questions were asked during the Calyx Uniform Closing Data (UCD) in Point webinar. Calyx has provided responses to questions that are specific to managing, generating, and submitting UCD XML data in Point. Included in a separate section below are answers to questions specific to Fannie Mae. For additional information from Fannie Mae and Freddie Mac, refer to the UCD FAQs. DISCLAIMER: Questions and answers are provided for general information only and do not purport to be legal advice, and are not intended to be legally binding on Calyx Technology, Inc. Calyx Q&A Q. Does Calyx have any resources that will help users identify how to correct an error when one is returned by the GSE? A. Yes. Refer to knowledge base article 6312 GSE errors during UCD submission for a list of known submission errors and troubleshooting information. Q. Which form do we use, the Alternative or Standard? A. Select the Standard Form check box on the Fees Worksheet for purchase transactions and select the Alternative Form check box for refinance transactions. Q. How do you store the Closing Disclosure in the document repository? A. For information about storing the Closing Disclosure in the document repository to prepare the loan for UCD export, refer to knowledge base article 5800 Preparing a loan for UCD export. Q. How is the document category and type (that is, Closing Disclosure: Standard, Closing Disclosure: Alternative, or Closing Disclosure: Borrower Only) applied to a Closing Disclosure? A. The document type is applied to the Closing Disclosure on the Document Information Preview screen when it is added to the document repository. Refer to knowledge base article 5800 Preparing a loan for UCD export for details about applying the document type to a Closing Disclosure. Q. What is the difference between Closing Disclosure: Standard and Closing Disclosure: Borrower Only? A. Closing Disclosure: Standard includes both borrower and seller transaction data while Closing Disclosure: Borrower Only includes only the borrower transaction data. Q. How do I exclude seller information from the Closing Disclosure when processing a purchase transaction using the standard form? A. To exclude seller information from the Closing Disclosure, select the Exclude from printed form check box in the Seller s Transaction section on page 3 of the Closing Disclosure screen. 1

Q. Can we use Point to generate the UCD XML even if we don t use Point to prepare the Closing Disclosure? A. No. We recommend that you clarify whether your closing documents vendor offers the UCD service. If so, they can generate the UCD XML for you or submit it on your behalf if they have implemented a submission feature. Be sure you obtain a copy of the submitted Closing Disclosure and upload it to the document repository. Note that the data on the Point Closing Disclosure can differ from the data on the Closing Disclosure provided by a documents vendor. Q. During the webinar, the speaker indicated that Qualified Mortgage (QM) fields are populated from the information in the report. How does this happen? Why doesn t our QM information carry over to the UCD XML? A. Final QM information will populate the related fields in Point when you respond Yes on the Loan Data Import dialog box during the report generation. For more information about populating QM report data in Point, refer to knowledge base article 5000 Running final QM and populating the data in Point. Q. When I saved the UCD XML export file as ucd.xml, the.xml extension was not on the file name when I checked it in the file directory on my computer. A. There are two possible reasons why this has happened: 1. Somehow the.xml extension was deleted when you saved the file. Export the UCD again and be sure to include the.xml extension when you name the file. Note: In Point Version 9.7, the UCD XML file will always save with the.xml extension even if it is deleted from the file name. 2. You cannot see the extension on your computer because your file name extensions setting in Windows Explorer is turned off. Change your Windows Explorer settings to show file name extensions. If the file extension is still not displayed for this file, export the UCD again and be sure to include the.xml extension when you name the file. Q. Is Point integrated with the Fannie Mae and Freddie Mac UCD portals or are we required to upload the UCD XML on their respective websites? A. There currently is not an integration between Point and the Fannie Mae and Freddie Mac UCD portals. After you export the Closing Disclosure to UCD XML and save the file to your computer, upload it directly from the Fannie Mae or Freddie Mac website. Q. Is it possible to embed a PDF version of the Closing Disclosure in the UCD XML export file? A. Yes. A PDF version of the Closing Disclosure is automatically included in the UCD XML export. 2

Q. How can I include the Closing Disclosure in the UCD XML export for loans with two unmarried borrowers? A. When a separate Closing Disclosure for each borrower is issued, export only one representative set of Closing Disclosure data to the UCD XML file. Q. If we run Desktop Underwriter or Loan Product Advisor through our investor website rather than Point, how should we enter the Casefile ID #? A. The lender should provide you with the Casefile ID # which you can enter directly on the Banker > Underwriting screen. Q. Will closing data automatically populate on the Additional Loan Data screen? A. We are currently exploring methods to auto populate Closing Disclosure data on other screens and to simplify generating the UCD XML in Point. Q. Is it possible to store the Legal Entity Identifier (LEI) as a company default so it is automatically populated on the HMDA Reporting (2018) screen? A. This functionality is currently not available in Point. However, it is under consideration for a future release. Users can currently add the LEI to their master templates so it will automatically populate when a template is applied. Q. What version of Point is used in this webinar? A. Point Version 9.6 is the latest Point release. If your Closing Disclosure does not resemble the Closing Disclosure in the webinar, verify that you have selected the Standard Form check box on the Fees Worksheet. 3

Fannie Mae Q & A Q. What would we put for licensing authority? A. For all license questions: 1. Refer to Joint FAQs Q 41 on the UCD page, https://www.fanniemae.com/content/faq/uniformclosing-dataset-faqs.pdf 2. Refer to the Appendix E - Implementation Guide - Section 23.0 Contact Information, https://www.fanniemae.com/content/technology_requirements/ucd-implementation-guideappendix-e.pdf 3. For questions about how to enter the data in Calyx - contact Calyx if you are getting edits for missing data points - refer to Calyx regarding where to enter the data in their system. Q. Where is the "Joint FAQs" link on the Fannie Mae website to figure out license authority and URL? A. https://www.fanniemae.com/content/faq/uniform-closing-dataset-faqs.pdf Q. Will UCD be needed for each CD? We disclose an initial CD that is e-signed and then the final CD is hand signed at settlement. There are times post-closing CDs needed for restitutions are missed as well. How should that be handled? Q. Just to confirm, the Closing Disclosure must be uploaded to UCD as an XML document after closing and this must take place with any closing after 9/25. Is that correct? A. Yes, that is correct. Q. How can I tell if I am a seller or non-seller to Fannie Mae via their website? A. If you use the Loan Delivery Application you are a seller. If you close loans and sell them to another lender you are a non-seller. Q. The CD, by regulation, can be changed after closing. How do we get it uploaded after closing? Q. What if we have a post-closing CD that our compliance catches one month down the road? 4

Q. Is the Final Closing Disclosure the CD sent out for signing? When does the Final Closing Disclosure need to be uploaded to the UCD? A. The UCD file must be loaded prior to delivery. Your submission should be the final. Q. What was the error code for the invalid case field ID? A. Please see the UCD Edit Feedback Messages in this Excel sheet from Fannie Mae: https://www.fanniemae.com/content/tool/ucd-feedback-messages.xlsx Q. To confirm, on a purchase transaction only the borrower's closing disclosure is required, NOT the seller CD - closing attorneys prepare the CD for the seller not the lender. Is that correct? A. Correct. Q. Do we upload the CD after the loan is purchased? A. The UCD file is required prior to loan delivery for loans with a Note date of on or after September 25, 2017. Q. When we run DO with one aggregator (investor), can we send UCD to another aggregator? A. You can transfer the UCD to any lender (aggregator) that you have an established relationship with. Q. Where is the quick guide for non-seller/servicer? What is the exact requirement for nonseller/servicer aka correspondent? A. You need to communicate with your aggregator regarding their requirements for UCD. https://www.fanniemae.com/content/tool/ucd-non-sellers-quick-guide.pdf https://www.fanniemae.com/content/tool/ucd-toolkit.pdf Q. It is very possible to have a revised CD after a loan has been delivered. How would we handle this if the "final" CD has to be in your upload? Q. We are a non-fnma seller, are we required to upload the UCD? A. No. Q. Are we uploading the final CD from closing or the initial CD signed 3 days prior to closing? A. Upload the final CD from closing. Q. Where is the test environment on the Fannie Mae website? A. There is no test environment - use production for testing. 5

Q. If the loan is not salable to Fannie/Freddie or if we port all loans, is UCD compliance required? A. No, only conventional loans delivered to Fannie Mae require a UCD file. Q. What is our timeframe to upload the CD to Fannie Mae after COE? A. The UCD must be uploaded prior to loan delivery. Q. I am a broker - we do not service anything. We are 100 percent broker; everything goes wholesale. Do we have to file this report as well? A. Check with your lenders. Q. If we have a third party preparing our CDs, do we still need to ensure this CD in Calyx is completed? A. Yes, whatever system is creating the UCD file would also need to send the CD. Q. What is the difference between "exempt" and "general" under the ATR method? A. Please refer to your legal department. Q. Can we run a UCD before the final one to test for warnings? So perhaps run the CD XML before sending the first one to the borrower, but then run the final CD later? A. Yes, you can upload as many times as you want. Q. How do you obtain the Case No (UCD)? A. If the loan was underwritten in DU, it would be the DU Casefile ID. If the loan was manually underwritten or underwritten by another AUS, the UCD Collection Solution will issue you a Casefile ID. Q. If we don't use DO or DU, will we still be able to obtain a successful submission in UCD by Fannie Mae? A. Yes, the UCD Collection Solution will issue you a Casefile ID. Q. Can you please provide the URL to the resource page and Joint UCD implementation guide? A. UCD Collection Solution Page: https://www.fanniemae.com/singlefamily/uniform-closing-datasetcollection-solution Uniform Closing Dataset (UCD): https://www.fanniemae.com/singlefamily/uniformclosing-dataset Q. There are times when a CD is revised after the fact, sometimes a week after. As a correspondent, what do we do after the CD is uploaded? 6

Q. What is the Fannie Mae number? A. 800-2FANNIE Q. If our investor runs a DU, should we put that information in? A. Communicate with your investor regarding their UCD requirements. Q. Can we test on loans that have already been sold to Fannie Mae? A. Yes, use production environment. Q. When is the seller CD required in.xml format to GSE? A. Not until Q3 2018. Q. How do we resolve errors 3044 and 3077? Is there a place where Fannie Mae explains the various error codes in simple language? A. Edit messages are here: https://www.fanniemae.com/content/tool/ucd-feedback-messages.xlsx or send an email to ucd@fanniemae.com for assistance. Q. If you change the status of QM and move it to exempt or general, will this affect our MCR? A. Refer to your legal department. Q. It is not practical for the final CD to be uploaded. Most investors are requiring the UCD submission prior to purchasing a loan. It must be submitted with the closing package. Once in a while, the CD is changed after this for purchase of a loan. Q. For the licensing requirement, do we use the NMLS or the state licensing authority number for this as a lender? A. Lender and brokers require NMLS. Q. Will we upload all types of loans including FHA, VA and conventional? A. Uploads are only required for conventional loans. Q. We are mortgage brokers and we use wholesale lenders. Are we required to follow this UCD mandate too? A. Communicate with your wholesale lenders regarding their UCD requirements. 7

Q. Do you need to send for a Freddie Mac loan? A. If you are selling the loan to Freddie Mac yes, they will require a UCD. Q. What is the specific application within Fannie Mae where we upload the XML version of the CD? Is it "Loan Delivery or something else? We are a non-seller, in case that matters. A. You can launch the application from this page: https://www.fanniemae.com/singlefamily/uniformclosing-dataset-collection-solution. Q. I had hoped to see an example of uploading a CD to Fannie today... will that happen? A. Register for a webinar at https://www.fanniemae.com/singlefamily/uniform-closing-datasetcollection-solution to see a demo of uploading a file. Also there is a elearning UCD Collection Solution User Training available. Q. Is there a support staff and hotline number just for the UCDs to get answers the same day? A. Email ucd@fanniemae.com or call 800-2FANNIE. Q. What if we are running DO through an investor site and not through Calyx? A. As long as you have a valid DU Casefile ID, it doesn t matter which system it is run in. Q. I thought we are able to submit the UCD data multiple times to make sure it is accurate, but we must submit the final one. Is this true? If so, we would have to override the existing one so the GSE gets the final UCD data? A. You can resubmit UCD multiple times as long as we have the most accurate one. The GSEs are working to align on the redelivery policy so if there are changes made to the final CD that was submitted they are not currently required to resubmit; however, for best practices they can do Q. Is UCD required on FHA loans? A. No, only conventional loans. Q. How do you resubmit once fatal errors are corrected? A. Resubmit the file in the UCD collection solution. The GSEs are working to align on the redelivery policy so if there are changes made to the final CD that was submitted they are not currently required to resubmit; however, for best practices they can do Q. We still get the warning when selling FHA loans in the delivery system. Does that system know the UCD is not needed? A. UCD is NOT required on FHA loans. If you do upload a UCD, refer to the Quick Guide: UCD Casefile ID https://www.fanniemae.com/content/tool/ucd-casefile-identifer-scenarios-quick-guide.pdf for instructions. 8

Q. Why wouldn't you upload the actual CD with signatures? A. You can; however, GSEs do not require it. Q. What is the website of the joint page with Fannie Mae and Freddie Mac? A. https://www.fanniemae.com/singlefamily/uniform-closing-dataset Q. Does FNMA require post-closing Disclosure UCD for the Dry State? For the Dry funding state, does FNMA want the UCD from the post-closing CD? A. Fannie Mae wants the most accurate CD - if there are changes to CD you can resubmit the UCD CML file with updated CD after closing. Q. We are trying to troubleshoot a problem. We uploaded an.xml file that had a case number assigned already...but when uploaded to Fannie Mae, it assigned a different number. What causes this? A. Make sure you include the DU casefile ID in the initial upload and in any resubmissions. Q. For the DU or LP, what if the loan was a manually underwritten loan like for a Jumbo or VA IRRRL? A. Refer to the UCD Quick Guide: UCD Casefile ID https://www.fanniemae.com/content/tool/ucdcasefile-identifer-scenarios-quick-guide.pdf for instructions. Q. We are a credit union that holds a portion of our loans on our portfolio, not selling them to an investor or to Fannie Mae, are those loans required to be submitted? A. No. Q. A bank's loan officer is not licensed, they are registered with NMLS. Would a bank not list anything for licensing authority? A. Lender and brokers require NMLS. Q. Are we allowed to resubmit an UCD.xml file if it wasn't assigned a DO/DU but rather it was assigned a case file from the Fannie Mae UCD website? A. Yes, make sure the UCD issued Casefile is included in the resubmission. Q. Government, meaning FHA and VA or only FHA? A. Government loans include FHA, VA, USDA and RD. Q. What is the difference under ability to repay (exempt or general) if you are a non-delegated minicorrespondent lender? A. Refer to your legal department. 9

Q. Can you speak to warning #3044? If loan purpose type equals refinance, then either property valuation amount or property estimated value amount is required. Can you tell us which field this is mapped to? We cannot find a field that will clear this warning. A. Contact the UCD mailbox ucd@fanniemae.com. Q. How do I run a test case? Pick a file I have in the process and run it? A. Yes, you can do that. Q. If I had the DU Case File ID would it integrate to the UCD? A. Yes, it should be included in the UCD file. Q. What is the name of the joint form between Fannie Mae and Freddie Mac for the UCD? A. Appendix I: https://www.fanniemae.com/singlefamily/uniform-closing-dataset Q. Are the UCD delivery rules different for Jumbo loans as opposed to conforming? Similar question, for Jumbo loans underwritten manually, will the UCD have to be delivered to the Fannie Mae and Freddie Mac GSE? A. UCD is required for all conventional loans you sell to Fannie Mae. Deliver to the GSE you are selling the loan to or you can deliver to both GSEs if you want. Q. For Fannie Mae, is it OK to have the UCD with borrower only? A. Yes. Q. My boss thinks the authority URL is www.flofr.com. Does this look correct? A. UCD checks for the presence of the URL. Not if it is correct. Q. Regarding Fannie Mae, we registered but we have not received logins to launch, any suggestions? A. Call 800-2FANNIE or send an email to ucd@fanniemae.com. Q. Can we upload the UCD file and then sell the file the same day? A. Yes. Q. Is there a set time period that the UCD transfer has to take place after purchase from our investor? A. No, you would need to discuss this with your investor. 10