FHFA Announces New Timeline for Fannie Mae and Freddie Mac Mortgage Data Implementation
Washington, DC – December 15, 2011 – (RealEstateRama) — The Federal Housing Finance Agency (FHFA) today said it will extend implementation dates for a key component of the Uniform Mortgage Data Program (UMDP) announced in May 2010, known as the Uniform Loan Delivery Dataset (ULDD).
Industry participants have demonstrated continued support for the UMDP and the updated timeline will allow for a successful transition to the new loan delivery format.
Specifically, Fannie Mae and Freddie Mac (the Enterprises) will delay the voluntary implementation date to April 23, 2012 and will require loan delivery in the new format on July 23, 2012 instead of March 2012. The new timeline for the ULDD does not affect Uniform Collateral Data Portal effective dates.
The Enterprises’ UMDP initiative was designed to imp rove the consistency and quality of data for appraisals and other loan information. FHFA Acting Director DeMarco has stated that the improvements in data quality will benefit all mortgage market participants and strengthen the housing finance system.
Fannie Mae and Freddie Mac will post the new implementation dates on their websites today, Dec. 14, 2011.
Link to Fannie Mae www.efanniemae.com
Link to Freddie Mac www.freddiemac.com
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.
Contact:
Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376
