Fannie Mae and Freddie Mac told their lenders today that they will soon provide a common industry data set for the Consumer Financial Protection Bureau's (CFPB) proposed new Closing Disclosure Forms.  The new forms will consolidate a number of previous forms into two and give consumers enhanced information on loan terms, payment amounts, escrow items, and loans costs. 

The GSE's support of the CFPB forms will be a continuation of the Uniform Mortgage Data Program® (UMDP), an ongoing effort to standardize the way loan data is defined, collected, and delivered in the mortgage industry in order to enhance the accuracy and quality of loan data.  The Uniform Closing Dataset (UCD) which is used by both of the government sponsored enterprises (GSEs) is a component of the UMDP and will be used to support the proposed closing forms.  The UCD will rely on the Mortgage Industry Standards Maintenance Organization^® (MISMO^®) data standards that are already well-established in the industry.

In press releases Tuesday afternoon both GSEs said they would publish the UCD after CFPB publishes its Final Rule for the Integrated Mortgage Disclosures Regulation, which includes the Closing Disclosure form. The UCD will contain the standardized data requirements for electronically implementing the form. The GSEs said they are currently gathering input on draft data specifications from industry participants including lenders, vendors, and settlement service providers.

The press releases said if the final rule is published this fall as expected, the GSEs will have more information later in 2013 on the implementation plans, specifications, and resources available to transition to the new dataset.