How often will the GSEs update the ULDD?
We anticipate updating the ULDD as market and business needs dictate– certainly on a more frequent basis than updates made to either GSE’s existing loan delivery file format in the past. In the future, Freddie Mac and Fannie Mae will be able to leverage the enhanced format flexibility to move expeditiously when a business need requires the collection of additional data. The MISMO XML format will be more flexible than the current formats, so it is expected that the amount of work for lenders and vendors to implement updates will be reduced. A governance structure and process will be implemented by Freddie Mac and Fannie Mae to ensure that changes to the ULDD are completed in an orderly and stable manner with timelines that facilitate smooth transitions.
