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Home » Store » News » GSEs Prepare Lenders for CFBS's TRID With Uniform Closing Dataset

GSEs Prepare Lenders for CFBS's TRID With Uniform Closing Dataset

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Fannie Mae and Freddie Mac released a delivery timeline and said they will employ separate collection solutions lenders can use to start delivering the Uniform Closing Dataset, which supports the Consumer Financial Protection Bureau’s requirement to use the Closing Disclosure for most consumer mortgages.Lenders can begin delivering and testing the Uniform Closing Dataset in the fourth quarter of 2016. The GSEs expect the UCD will make it easier to electronically communicate information on the Truth in Lending Act and the Real Estate Settlement Procedures Act Integrated Disclosure form which will help keep lenders in compliance with the TRID three-day rule.The GSEs will make UCD usage mandatory by the fourth quarter of 2017 for all...
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