LoanComplete helps lenders streamline and automate UCD creation,
delivery to GSEs
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today that LoanComplete™
from Fiserv has been verified for Uniform Closing Dataset (UCD) delivery
to Fannie Mae and Freddie Mac Loan Closing AdvisorSM ahead of
the government-sponsored enterprises' (GSE) September 25, 2017 deadline.
Known as the UCD mandate, this requirement is part of the Uniform
Mortgage Data Program® (UMDP®), an industry-wide
drive to build a better housing finance system in the U.S.
LoanComplete automates many steps in UCD preparation and delivery,
mitigating operational risk and potential buyback requests by
eliminating manual data entry and costly, cumbersome stare-and-compare
"With more than 700 data points and 1,500 enumerations to be captured
and validated, the new mandate could present a myriad of challenges for
lenders throughout their mortgage process," said Jay Coomes, vice
president of Product Strategy, Financial Risk Management Solutions,
Fiserv. "The loan quality assurance process facilitated by LoanComplete
augments a lender's current systems to help overcome inherit
limitations, meet compliance requirements and enhance the life-of-loan
experience for borrowers."
LoanComplete creates a UCD file from a Closing Disclosure document and
automatically compares the two with market-leading optical character
recognition technology designed to ensure data accuracy prior to
delivery. Closing Disclosure data extractions are executed against TRID
rules, which are maintained with version control to demonstrate evidence
Once all data is captured and validated, it is formatted according to
Mortgage Industry Standards Maintenance Organization (MISMO) standards.
LoanComplete automatically delivers the file to Fannie Mae or Freddie
Mac's Loan Closing Advisor and retrieves and organizes high priority
eligibility issues prior to selling the loan.
In a world that is moving faster than ever before, Fiserv helps clients
deliver solutions that are in step with the way people live and work
today - financial services at the speed of life. Learn more at fiserv.com.
About Fiserv Fiserv, Inc. (NASDAQ: FISV) enables clients
worldwide to create and deliver financial services experiences that are
in step with the way people live and work today. For more than 30 years,
Fiserv has been a trusted leader in financial services technology,
helping clients achieve best-in-class results by driving quality and
innovation in payments, processing services, risk and compliance,
customer and channel management, and insights and optimization. Fiserv
is a member of the FORTUNE® 500 and has been named among the FORTUNE
Magazine World's Most Admired Companies® for four consecutive years,
ranking first in its category for innovation in 2016 and 2017. For more
information, visit fiserv.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170911005070/en/
Elizabeth McMillan, APR
Manager, Public Relations
Source: Fiserv, Inc.
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