Coming soon – support for Phase II UCDP hard stops
Written by Filip Koutzev on December 11, 2013
UPDATE 12/26: This has been added to both TOTAL and WinTOTAL. Click on the Help menu within TOTAL or WinTOTAL, then the updates option to make sure you're on the most recent version.
Another change on the horizon with the new year will be the GSEs' live adoption of additional “hard stops” for several report fields when delivering through the Uniform Collateral Data Portal (UCDP).
Back in June, the GSEs implemented “Phase I” hard stops for Effective Date, Contract Price, Above Grade GLA, and Sales Type.
On January 26th, 2014 “Phase II” hard stops will go into effect for the fields below as well:
- Quality of Construction Rating (subject and comparables)
- Location Rating (subject and comparables)
- View Rating (subject and comparables)
- Condition Rating (subject and comparables)
Per the GSEs:
“Each of the data fields above has associated UAD edits that will be returned in the UCDP if the data provided is incomplete or the format is invalid, as defined in the Fannie Mae and Freddie Mac UAD Technical Specifications.”
To support this, both TOTAL and WinTOTAL will begin marking these phase II errors for UCDP compliance differently beginning in the next update.
The fields already show as warnings in your E&O today, but with the next update, you’ll see any E&O warnings related to these fields change from a warning flag to a red stop icon. The message will be prefixed with the label “UAD – UCDP Hard Stop – 01/26/2014,” followed by the specific message.
Since we’re releasing E&O support for these new hard stops early, we included the date in the message to make it clear when these will become hard stops in the UCDP. (Until then, just be aware that these will continue to be treated as warnings by the UCDP, and will not yet prevent delivery of a report.)
For more information on the new hard stops, check out the newsletter from Fannie Mae:
As always, enhancements like these keep you current with the latest changes from the GSEs. They're free, and just one of the many benefits of your membership.
And for more information about other coming changes from the GSEs, click here have a look at all of our posts covering the new UAD guidelines taking effect on January 2nd.