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Paradatec Named Verified UCD Producer By Freddie Mac

Paradatec, Inc., a provider of Optical Character Recognition (OCR) solutions for mortgage file processing, announced that it is a verified technology integration vendor for Freddie Mac’s Loan Closing Advisor platform. Paradatec’s WriteUCD module was developed in accordance with Freddie Mac’s requirements for producing valid Uniform Closing Dataset (UCD) files.

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The UCD is a common collection of data that mortgage lenders will be required to deliver digitally to Freddie Mac and Fannie Mae starting on Sept. 25, 2017. This requirement is part of the Uniform Mortgage Data Program (UMDP), an industry-wide drive to build a better housing finance system in the United States.

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The WriteUCD module leverages Paradatec’s advanced OCR solution for the mortgage market to extract data from closing disclosure (CD) documents in mere seconds per page and then format that data in the required format.

According to Neil Fraser, Paradatec’s Director of US Operations, “We’re pleased to have obtained Freddie Mac validation as our clients need the assurance that they can meet the GSEs’ requirements well in advance of the September deadline. If a lender’s current loan origination system partner or document provider is struggling to produce a valid UCD file, they can sleep soundly knowing that Paradatec has them covered with our new WriteUCD module.”

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Paradatec also announces the release of their new AuditUCD module for auditing UCD file content against the closing disclosure contained in the UCD file. Fraser continues, “Since we’re building the UCD file from extracted closing disclosure data, it’s just as easy for us to unpack a UCD file’s content to compare the individual data elements against the values extracted from the submitted CD to verify the integrity of both components in the UCD file. Any elements that don’t match will be flagged in our XML output for further review and resolution. Given the volume of content that will be produced and need verification with this UCD initiative, our solution is uniquely positioned to offer a high degree of automation and operator efficiency.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Paradatec Achieves Fannie Mae UCD Certification

Paradatec, Inc.’s new WriteUCD module was recently certified by Fannie Mae as meeting their requirements for producing valid Uniform Closing Dataset (UCD) files. This new module leverages Paradatec’s Optical Character Recognition (OCR) solution for the mortgage market to extract data from Closing Disclosure (CD) documents and then format that data in the MISMO standard required by Fannie Mae. The certification process required submitting test UCD files for multiple lending scenarios for Fannie Mae’s review, with all tests being passed successfully.

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According to Neil Fraser, Paradatec’s Director of US Operations, “Developing this new module was an easy decision for us. Many clients are already using our solution to extract data from the TRID documents to support certain internal review and audit procedures, so since we have the logic to extract this data it made sense to create a module which formats this data per the UCD specification. Now that we’ve attained certification with Fannie Mae, our clients who work with them are assured of complying with their September 2017 UCD requirement with this new WriteUCD module.”

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Paradatec also announces the release of their new AuditUCD module for auditing UCD file content against the Closing Disclosure contained in the UCD file. Fraser continues, “Again, developing this module was a logical extension to our mortgage solution. Since we’re able to build the UCD file from extracted Closing Disclosure data, it’s just as easy for us to unpack a UCD file’s content to compare the individual data elements against the values extracted from the submitted CD to verify the integrity of both components in the UCD file. Any elements that don’t match will be flagged in our XML output for further review and resolution. Given the volume of content that will be produced and need verification with this UCD initiative, our solution is uniquely positioned to offer a high degree of automation and operator efficiency.”

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Paradatec’s OCR solutions offer significant efficiencies for classifying large quantities of differing document types and extracting key data elements from those documents.  In the mortgage market, these capabilities allow for quick and accurate identification of over 500 unique documents in the typical mortgage file, along with the ability to capture nearly any data element from those documents that an organization requires.

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Ensuring Total UCD Compliance

DocMagic, Inc. has announced that its technologies are now capable of supporting both phases of the upcoming UCD (Uniform Closing Dataset) requirement. The company’s technology solutions, which have been certified by Fannie Mae and Freddie Mac for both phases of the UCD file delivery mandate, enable lenders to start immediate testing of full UCD delivery—well in advance of the phase one 2017 deadline and the phase two 2018 deadline—as has been recommended by both GSEs.

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The Uniform Closing Dataset (UCD) is a common industry dataset that allows information on the Consumer Financial Protection Bureau’s (CFPB’s) Closing Disclosure to be communicated electronically.

On September 25, 2017, the GSEs will require lenders to deliver borrower data and the Closing Disclosure in the UCD file. Later, in 2018, the second phase of the mandate will require seller data to be included as well. However, according to a joint statement issued by the GSEs, both Fannie Mae and Freddie Mac are recommending that lenders start to “submit files with both Borrower and Seller data, if available, in order to test their processes and become familiar with the messaging from each GSE’s collection system.”

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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.

“At DocMagic we went above and beyond attaining the initial GSE UCD certification because we want our customers to have the option to implement the GSE-recommended testing, which allows them to implement phase two requirements now,”  says Tim Anderson, director of eServices at DocMagic.  “Phase one addresses the XML file for the borrower CD and associated data, but the GSEs have definitively recommended that lenders complete everything before the phase one September 25, 2017 deadline. We find that lenders that are serious about sustained profitability and growth tend to follow GSE recommendations and take action ahead of time. Now with DocMagic, all of our lender clients have that option.”

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To assist lender clients in preparing to meet the entire UCD mandate, DocMagic recently launched its ‘UCD Control Center,’ a one-stop, go-to resource for everything lenders need to know about the UCD requirement.  It offers tools, documentation, interactive communication for Q&A, webinars, updates, and most importantly the ability for lenders to test for the entire UCD mandate ahead of the complete 2018 deadline.

The company says its goal is to have the bulk of its clients fully prepared to meet the requirements for both phases this year.

“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 requirement is 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.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

eClosings Are Picking Up Steam

Talk of the Digital Mortgage is everywhere. This is the big push for lenders looking to increase efficiency and cut cost. And vendors are stepping in to help lenders achieve this goal. For example, Visionet Systems, has released an enhanced web services integration layer for CD2UCD, a solution that converts Closing Disclosure (CD) images to Uniform Closing Dataset XML.  Visionet will be exhibiting its  solutions at the National Technology in Mortgage Banking Conference & Expo 2017, an event held by the Mortgage Bankers Association at the Hyatt Regency, Chicago from March 26 to 29.

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CD2UCD addresses situations where the data required to produce the UCD is not available, such as CDs modified at the closing table and loans acquired through correspondent or bulk channels.  The enhanced interface allows lenders, closing agents, document preparation providers and Loan Origination System (LOS) vendors to easily pass a CD document and the required GSE data fields to the CD2UCD service and receive back a fully GSE-compliant UCD.  CD2UCD also fulfills single and bulk requests via secure web portal and file transfer mechanisms.

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“We’ll be discussing our latest enhancements to the CD2UCD platform at MBA Tech 17, and highlighting the important industry problem it addresses,” said Norman Gottschalk, CTO at Visionet. “CD2UCD is the result of two years of investment, collaboration and learning, and we continue to invest in its development.  We look forward to sharing our expertise and experience with our present and future clients and colleagues, and we encourage partnerships and integrations with all industry participants.”

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Visionet’s solutions help lenders, servicers and investors stay compliant with the ever-changing regulatory environment, while staying as efficient and cost-effective as possible.  CD2UCD represents a prime example of how the application of technology can significantly boost back office productivity. Instead of spending countless hours compiling and entering the information required to produce each UCD, our solution is simple and scalable, and drastically reduces the time and resources mortgage firms spend on investor delivery.  Visionet is proud to be the first to bring such a game-changing product to market.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

LOS Update Adheres To UCD Specs

Wipro Gallagher Solutions (WGS), a Wipro Limited company, has updated its NetOxygen Loan Origination System (LOS). The solution has been directly integrated with Government Sponsored Enterprise (GSE) tools to ensure full compliance with the Uniform Closing Dataset (UCD) in the United States.

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A required industry dataset based on the Mortgage Industry Standards Maintenance Organization (MISMO) 3.3 standards, UCD allows information on the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure to be communicated electronically, thereby providing accuracy, consistency and clarity on loan transactions. The UCD must be submitted to the GSEs for validation of loans with a note date on or after September 25, 2017. UCD submission must occur prior to Uniform Loan Delivery Dataset (ULDD).

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The direct GSE integration not only allows NetOxygen users to adhere to industry compliance standards, but also enables them to submit a file from NetOxygen’s delivery manager for GSE consumption.  NetOxygen also enables the file to be extracted manually for downstream aggregators. WGS ensures client UCD readiness by using Application Program Interfaces (APIs) that connect to both WGS’ native and third party imaging solutions.

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WGS is conducting orientation sessions with customers to demonstrate the new features and provide guidance on how to extract and upload the data most effectively.

“We’ve designed a structured compliance approach that not only provides lenders with the tools necessary to comply with the latest requirements well before the mandate’s deadline, but also helps them streamline their processes,” said Scott Dunn, Head of Product Management and Strategy, Compliance for Wipro Gallagher Solutions, Wipro Limited.

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