Paradatec, Inc. announced that the company’s new UCD module has passed Fannie Mae’s tests, the certification process required to produce valid Uniform Closing Dataset (UCD) files.
The new WriteUCD module effectively uses Paradatec’s advanced Optical Character Recognition (OCR) solution for the mortgage market to extract important data from Closing Disclosure (CD) documents, and then formats that data in the MISMO standard required by Fannie Mae.
To pass Fannie Mae’s requirements, the certification process included submitting test UCD files for numerous lending scenarios to be reviewed. Paradatec’s clients can feel secure knowing that the certification has been achieved well before the requirement deadline.
According to Neil Fraser, Paradatec’s Director of U.S. Operations, it was a logical decision to develop this new module to format data that fits the UCD specification because many clients were already using Paradatec’s solution to extract data from the TRID documents to support certain internal review and audit procedures.
“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,” Fraser said.
The company also announced the release of a new AuditUCD module, which serves as a solution to offer a high degree of automation and operator efficiency when auditing UCD file content.
“Developing this module was a logical extension to our mortgage solution,” Fraser added. “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.”