How does the Uniform Mortgage Data Program (UMDP) enhance data accuracy and quality?
Adoption of a commonly understood dataset and format will reduce ambiguities in the type and definition of data points required for selling loans to the GSEs. By collecting additional data at a more granular level, market participants will have an increased, common understanding of loan data. Also, over time, lenders will be able to move away from providing proprietary processing codes that can be misinterpreted or incorrectly mapped to delivering root data that can be accepted by both GSEs.
