17-40: Extension of Mandatory Successful Submission Requirements
Fannie Mae and Freddie Mac (GSEs) have released a statement indicating Sellers are still expected to adhere to the Uniform Closing Data (UCD) mandate and submit a successful UCD XML file for all loans with notes dated on or after September 25th. At this time the GSEs will only issue warning messages when the data is not delivered.
PennyMac expects Correspondents to provide proof of UCD submission to both Fannie Mae and Freddie Mac, however, proof of successful submission will not be required until April 1, 2018 or as required by the GSEs. PennyMac will not delay the purchase of a file solely due to:
- missing proof of UCD submission,
- unsuccessful UCD submission, or
- fatal/red critical messages reflected on the UCD submission response.
Correspondents are encouraged to take advantage of the warning messages to ensure all systems are operating correctly by April 1, 2018.
Please contact your Sales Representative with any questions.