DocMagic, Inc. announced that its technologies are now capable of supporting both phases of the upcoming UCD requirement. The company’s technology solutions have been certified by Fannie Mae and Freddie Mac, enabling lenders to start immediately testing full UCD delivery well in advance of the phase one 2017 and the phase two 2018 deadlines—as recommended by both GSEs.
In September, the GSEs will require lenders to deliver borrower data and the Closing Disclosure in the UCD file. By 2018, the second phase of the mandate will require seller data to be included as well.
DocMagic’s technology solutions allow lenders to fulfill the GSEs’ recommendation by generating and compliantly delivering UCD files that include both borrower and seller data to the GSEs. DocMagic can also accept UCD XML data from third parties and deliver it to the GSEs. In addition, the company offers an API for direct, seamless connection to the GSEs’ technologies.
Tim Anderson, Director of eServices at DocMagic, said the company made the effort to go above and beyond attaining the initial GSE UCD certifications because DocMagic wants its customers to have the option to implement the GSE-recommended testing.
“We find that lenders that are serious about sustained profitability and growth tend to follow GSE recommendations and take action ahead of time. With DocMagic, all of our lender clients have that option,” Anderson said.
To help lender clients that are taking immediate action, the company also launched its ‘UCD Control Center,” which is a one-stop, go-to resource for everything lenders need to know about the UCD requirement. This new tool offers a lot of assistance, but most importantly it gives lenders the ability to test for the entire UCD mandate ahead of the complete 2018 deadline.
“Our customers and partners rely on us to do everything we can to assure they transact the safest, most compliant loans—and helping them prepare for a major new mandate like the UCD requirements are no different,” said Dominic Iannitti, CEO of DocMagic. “Lenders, settlement providers, and other organizations must prepare now or run the precarious risk of being unable to sell their loans. DocMagic is proud to be leading the way, yet again, to help them avoid these costly risks."