Ginnie Mae will join Fannie Mae and Freddie Mac in requiring mortgages it purchases to be transmitted in the Uniform Loan Delivery Dataset (ULDD) standard — the set of data points and e-document formats the government-sponsored enterprises will mandate for all mortgages it purchases beginning Sept. 1, 2011.
The ULDD is developed on the standards and common extensible markup language, or XML, file formats of the Mortgage Industry Standards Maintenance Organization — (MISMO). The ULDD uses the latest Version 3.0 architecture for industry-wide data naming conventions in mortgage technology.
The ULDD is part of the Federal Housing Finance Agency's Uniform Mortgage Delivery Program for the GSEs, an initiative to improve loan and appraisal quality and set consistency for how mortgage lenders use technology in their business with Fannie and Freddie.
Ginnie Mae will develop an implementation plan based on the feedback of its loan purchase program participants. Ginnie securitizes mortgages insured by the federal government, like those in the Federal Housing Administration's guarantee program.
In a Dec. 8 memo to program members, Ginnie Mae President Theodore Tozer said the mortgage finance industry "supports the adoption of standards and common file formats, as they lead to higher quality data, less rework, and lower costs for all participants in the industry, including borrowers." The Mortgage Bankers Association used the exact same wording in a Nov. 5 letter to Tozer advocating Ginnie's adoption of the ULDD.