This weekend the GSE’s are elevating several UAD compliance Warning edits to Fatal. These include:
- Subject Contract Date
- Comparable Date of Sale/Time
- Subject and Comparable Address
To maintain UAD compliance, run ACI WebUpdate to ensure that your software is up-to-date with the latest rule files. The updated UAD rules will indicate (Fatal) in the rule message for items that will give the lenders a hard stop at the portal.
These are not new UAD requirements, and you are most likely in compliance, but just in case, here is a little refresher:
If it is a purchase transaction, the Contract Date on page 1 needs to be in mm/dd/yyyy format. View the Video
Comparable Date of Sale:
The status type, or type of transaction for each comp has 5 accepted UAD responses; Active, Contract, Expired, Withdrawn, or Settled sale. View the Video
The Fatal rules around address check that the City, a valid State abbreviation, and ZIP Code are in the correct format. If your report is a condo, you need to either include a Unit Number, or enter a dash to denote that the property does not have a Unit Number.
As a side note, ACI includes a nice Address Validation tool. If you select Lookup Address in a UAD pop-up, it will reformat your address and validate it against the USPS.
You can also have the software automatically check ALL of your addresses prior to creating MISMO XML. To turn on this feature, click eServices > Options > Retrieval/Delivery > MISMO 2.6 GSE.