#cd2ucd

Cranbury, NJ - June 30, 2017 - Visionet Systems, a leading provider of technology solutions and Business Process Outsourcing services for the mortgage industry, has completed file validation to enable submission of electronic loan data to Fannie Mae’s UCD collection solution. Through comprehensive testing, Fannie Mae has confirmed that Visionet’s CD2UCD solution was developed in accordance with their requirements for the Uniform Closing Dataset.

According to the GSEs, the UCD “is a component of the Uniform Mortgage Data Program® (UMDP®), an ongoing effort by Fannie Mae and Freddie Mac at the direction of our regulator, the Federal Housing Finance Agency, to provide a common industry dataset to support the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure.” Starting September 25, 2017, mortgage lenders will be required to deliver UCD XMLs to Fannie Mae and Freddie Mac.

Visionet’s CD2UCD simplifies the delivery process by automatically generating the UCD from existing loan documents. It manages creation, validation, and delivery of the UCD, and ensures compliance with each GSE’s current and future requirements. The result of over two years’ research and development, CD2UCD is already configured to embed PDF file within the UCD and incorporate sellers’ disclosures, ahead of the respective 2018 deadlines for those features. CD2UCD also handles many common challenges such as different Closing Disclosure (CD) and addendum formats and inconsistent terminologies between the CD and MISMO, and validates UCDs created by other vendors.

“Our CD2UCD solution facilitates UCD compliance when a lender’s loan origination system or document preparation provider can’t perform this task, when the underlying CD data is not available, or when documents are of poor quality,” said Arshad Masood, CEO at Visionet Systems. “It also mitigates the risk of the embedded CD document image not matching the UCD XML data. As a verified Fannie Mae Technology Solution Provider, our customers can rest assured that they’ll be ready to comply with the UCD mandate.”

About Visionet Systems

Headquartered in Cranbury, NJ, Visionet Systems, Inc. (visionetsystems.com) is a full-service technology consulting and business process outsourcing company that delivers software solutions, services, and technology-led BPO products built on a best-of-breed philosophy to help its customers increase business agility, drive down costs and reduce risk. Visionet has a decades-long track record of successful projects involving Enterprise Application Integration (EAI), omni-channel enablement, and e-commerce, and has engineered many high-performance, cost-effective solutions across a wide range of sectors including banking, retail, insurance, distribution, and manufacturing, with a focus on delivering value and exceeding customer expectations. For more information, visit online at www.visionetsystems.com.

Cranbury, NJ - June 19, 2017 - Visionet Systems, a leading provider of technology solutions and Business Process Outsourcing services for the mortgage industry, has become a verified technology integration vendor for Freddie Mac’s Loan Closing Advisor platform. Visionet’s CD2UCD solution was tested to ensure that its interface was developed in accordance with Freddie Mac’s requirements for the Uniform Closing Dataset (UCD).

The UCD is a common collection of data that mortgage lenders will be required to deliver digitally to Freddie Mac and Fannie Mae starting on Sept. 25, 2017. This requirement is part of the Uniform Mortgage Data Program® (UMDP®), an industry-wide drive to build a better housing finance system in the U.S.

CD2UCD simplifies the closing process by automatically generating the UCD from existing loan documents supplied by lenders. It addresses many common challenges that arise during UCD preparation, such as embedding a Closing Disclosure image within the UCD XML. It also handles the GSE-required merging of buyer and seller UCDs prior to delivery, caters to different Closing Disclosure and addendum formats and addresses inconsistent terminologies between the Closing Disclosure and MISMO. It offers creation, validation, and delivery of the UCD that is compliant with CFPB Closing Disclosure, and is an early solution that is prepared to deliver seller's disclosures ahead of the 2017 mandate.

“Our CD2UCD solution facilitates UCD compliance when a lender’s legacy loan origination system can’t perform this task, or where a correspondent lender lacks the closing disclosure data and documents are of poor quality,” said Arshad Masood, CEO at Visionet Systems. “As a verified technology integration vendor, our customers can rest assured that they’ll be ready to comply with the UCD mandate.”

About Visionet Systems

Headquartered in Cranbury, NJ, Visionet Systems, Inc. (visionetsystems.com) is a full-service technology consulting and business process outsourcing company that delivers software solutions, services, and technology-led BPO products built on a best-of-breed philosophy to help its customers increase business agility, drive down costs and reduce risk. Visionet has a decades-long track record of successful projects involving Enterprise Application Integration (EAI), omni-channel enablement, and e-commerce, and has engineered many high-performance, cost-effective solutions across a wide range of sectors including, banking, retail, insurance, distribution, and manufacturing, with a focus on delivering value and exceeding customer expectations. For more information, visit online at www.visionetsystems.com.

As part of their Uniform Mortgage Data Program, or UMDP, Fannie Mae and Freddie Mac will begin requiring Closing Disclosures to be delivered in the new Uniform Closing Dataset (UCD) data format beginning in September 2017.

This new requirement has been mandated to enhance data quality and promote standardization.

Current loan origination software lacks the ability to generate UCDs from existing closing disclosures or other loan documents, requiring many mortgage firms to resort to manual re-entry or other inefficient, expensive, and labor-intensive methods. And human error may still result in a CD image which doesn’t match the UCD data – a compliance violation!

However, thanks to the industry experts at Visionet Systems, an elegant and efficient solution is here.

Introducing CD2UCD, a complete solution for fully GSE-compliant Uniform Closing Dataset generation.

CD2UCD is the first document vendor- and loan origination system-agnostic tool designed to address the issue of UCD compliance, and addresses many common challenges.

Whether a closing disclosure document is included in a purchased loan package with no supporting data, modified by the closing agent, or produced by a document preparation vendor which fails to provide derived or calculated data, CD2UCD overcomes UCD preparation pitfalls with ease.

With support for multiple CD versions, inconsistent terminology between the closing disclosure and MISMO, and differently-formatted closing disclosure and addenda, CD2UCD provides thoughtfully-designed, easy-to-use features that do all the heavy lifting for you.

To beat the crowds and avoid non-compliance, make sure you have CD2UCD deployed in your operation before the mandate!

Please contact Visionet Systems today, or sign up securely at www.cd2ucd.com for access to the tools you need.