Visionet Launches Closing Disclosure to Uniform Closing Dataset Conversion Solution Cranbury, NJ – October 4, 2016 Visionet Systems, Inc., a leading provider of technology and technology-led BPO solutions to the real estate and mortgage industry, announced today that their CD-to-UCD conversion solution is now in full production. Visionet’s solution is the industry’s first complete end to end solution designed to ensure compliance with the Fannie Mae (FNMA) and Freddie Mac (FHLMC) Uniform Closing Dataset (UCD) initiative. Fannie Mae (FNMA) and Freddie Mac (FHLMC) have undertaken a multi-year program called Uniform Mortgage Data Program (UMDP) to enhance data quality and standardization. The Uniform Closing Dataset (UCD) is the effort within UMDP to provide a standard format for communication of the loan closing data represented on the final Closing Disclosure (CD) document. The UCD is the required set of data from the closing disclosure along with additional loan related data that, beginning in Fall 2017, all mortgage lenders who sell loans to FNMA or FHLMC will be required to deliver along with their traditional data and document packages. “The Closing Disclosure form is often the result of multi-party collaboration including possible last minute changes.” Said Arshad Masood, CEO of Visionet Systems. “The final, executed closing disclosure is often scanned or in other formats that prevents easy conversion to data. Our solution encompasses all scenarios in a seamless conversion, regardless of format.” The Visionet solution covers a number of specific but common scenarios where the data required to complete the Uniform Closing Dataset is not available to the lender immediately after closing. These scenarios include:
Closing Disclosures modified at the closing table
Document preparation vendors are unable to return derived or calculated data
Scenarios where only an image of the executed CD is available
Poor quality/later generation documents
Inconsistent terminology between CD and MISMO
Multiple iterations and copies of the CD per loan