Ellie Mae Enhances Workflows with Fannie Mae and Freddie Mac ahead of Uniform Closing Dataset Delivery Mandate
PLEASANTON, Calif. – May 1, 2017 – Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced enhanced workflows with Fannie Mae and Freddie Mac are now available through Ellie Mae’s Encompass® all-in-one mortgage management solution to support the new Uniform Closing Dataset (UCD) ahead of the September 25, 2017 delivery mandate. The UCD is a common industry dataset allowing information on the CFPB’s Closing Disclosure to be communicated electronically. Fannie Mae and Freddie Mac have developed the UCD at the direction of the Federal Housing Finance Agency (FHFA) as part of the Uniform Mortgage Data Program®, an ongoing initiative to enhance loan quality and consistency through uniform loan data standards for the single-family loans the GSEs purchase.
The integration with Fannie Mae’s UCD collection solution through Encompass helps drive efficiency by offering flexible options for delivering the UCD file at multiple points in the business process, featuring data quality and eligibility checks. Fannie Mae has also enabled non-seller correspondent lenders to access these checks by submitting UCD files directly on behalf of their aggregators.
“Having this capability in place several months ahead of the required date means our lenders who use Encompass have transition time to incorporate the new closing data submission into their processes,” commented Henry Cason, Fannie Mae’s SVP and Head of Digital Products. “Fannie Mae appreciates Ellie Mae’s collaboration on this important work to support our joint customers.”
Ellie Mae’s Encompass also includes integration with Freddie Mac Loan Closing AdvisorSM to give lenders confidence that their closing data meets the UCD data quality, calculations and eligibility checks prior to loan delivery. Loan Closing Advisor provides actionable feedback messages to help Freddie Mac sellers and their correspondents identify and resolve closing data defects before they close the loan.
“Lenders can think of this as an early warning system that brings new efficiency to the closing process,” said Andy Higginbotham, Senior Vice President and head of Strategic Delivery for Freddie Mac’s Single-Family Business. “We are testing against the UCD specification for completeness, validity, data consistency, calculation accuracy and purchase eligibility. That helps lenders identify and correct errors, which gives them confidence that their closing data aligns with the UCD standards.”
Ellie Mae’s Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage.
“As lenders prepare for the new Uniform Closing Dataset mandate this fall, Ellie Mae is providing customers with innovative solutions and seamless workflow to improve quality and compliance,” said Joe Tyrrell, executive vice president at Ellie Mae.
“By offering these capabilities well ahead of the September deadline, our lenders have time to prepare, understand new data and timing requirements and train staff on how to submit UCD files directly through our Encompass solution.”
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call 877.355.4362 to learn more.
About Fannie Mae
Fannie Mae is focused on advancing a sustainable and reliable business model that reduces risk to the housing finance system and taxpayers; providing reliable, large-scale access to affordable mortgage credit for qualified borrowers and helping struggling homeowners; and serving customer needs and improving our business efficiency. We are setting responsible standards for the mortgage industry, paying dividend payments to Treasury, and helping homeowners facing hardship keep their homes or avoid foreclosure. For more information, visit www.fanniemae.com.
Fannie Mae's Integration Platform: The new business-to-business integration platform provides a simple, reliable, and efficient way to connect to Fannie Mae's technology solutions. By enabling a seamless integration process, the platform is intended to eventually centralize all direct interfaces to our applications. The UCD collection solution is the first available solution on the platform; since September 2016, lenders and technology solution providers have been able to test and deliver the UCD XML file, in preparation for the September 25, 2017 UCD mandate. Learn more on Fannie Mae's UCD page.
About Freddie Mac
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for approximately one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.
Freddie Mac Loan Advisor Suite(SM) Freddie Mac Loan Advisor Suite(SM) is a new smart, end-to-end technology solution designed to provide lenders with greater certainty and insight into the purchase eligibility of their loans throughout the loan production process. By providing automation and transparency in the loan production process, Loan Advisor Suite assesses credit, capacity and collateral to help lenders validate the quality of the loans they originate. The tools cover the entire loan lifecycle from loan application to closing and beyond; they're available together in a central Web portal accessed via single sign-on or through many technology solution providers. More information is available at www.freddiemac.com/loanadvisorsuite.
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