Why are Freddie Mac and Fannie Mae using the MISMO Version 3.0 format to develop the ULDD?
The MISMO XML format provides greater flexibility than the existing formats that either GSE has in place today (Freddie Mac’s Form 11, Mortgage Submission Schedule, and Form 13SF, Mortgage Submission Voucher, and Fannie Mae’s 2000-Character Loan Delivery File Format). Using MISMO as the basis the ULDD allows for easier collection of new data in the future, and supports current technology that is widely used in the mortgage industry. Use of MISMO Version 3.0 will also allow a greater level of specificity in the data that lenders provide to Freddie Mac or Fannie Mae, and that can be easily used by lenders for other purposes throughout the loan life cycle. An additional future benefit to lenders will be a reduced dependency on special codes. The new dataset will capture the root data underlying these codes offering lenders greater efficiencies because many already use the root data in their systems.
