17-38: Uniform Closing Dataset (UCD) Requirements Reminder

17-38: Uniform Closing Dataset (UCD) Requirements Reminder

September 21, 2017

As addressed in PennyMac announcement 17-24, conventional loans with note dates on or after September 25, are required to have submission of the Uniform Closing Dataset (UCD) XML.  As a condition of purchase PennyMac will require proof of successful submission of the UCD XML to both Fannie Mae and Freddie Mac in accordance with this requirement.  Successful submission documentation for both GSEs should be provided in the credit package at time of delivery.

 

In response to questions received by our clients, we would like to clarify the following requirements:

 

1. PennyMac is NOT requiring the transfer of the XML to PennyMac via the Fannie Mae or Freddie Mac portal at this time.

 

2. PennyMac has received requests from clients for access to transfer the loan level XML via the Fannie Mae portal.  As an accommodation we are approving requests made to PennyMac Corp #27355, with the explicit disclaimer that transfer of the file does not relieve the documentation requirements of successful submission reports in the credit package.

 

3. The successful submission of the UCD XML to Fannie Mae and Freddie Mac will not change or reduce any existing documentation requirements for delivered credit packages.

 

PennyMac appreciates your attention to this coming requirement.  Please contact your Pipeline Account Manager or Sales Representative with any questions.