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New ULDD Requirements

Date: January 9, 2019

To: VHDA Lending Partners

 

NEW ULDD REQUIREMENTS

Starting January 1st, VHDA will require the completion of the URLA Demographic Information Addendum in Mortgage Cadence. To complete this information, click the URLA Demographic Information Addendum link found in Section X of the 1003 screen in Mortgage Cadence. This data is required in order to meet ULDD requirements beginning with application received dates of January 1, 2019. Completion of this data is necessary until FNMA releases their 3.4 update in 2020. This information may also be completed from the Delegated Submission screen by clicking the link titled Demographic Information.

If you have any questions, please contact HomeownershipSupport@vhda.com 


UNIVERSAL LOAN IDENTIFIER (ULI):

A unique ULI is required for all loan applications as of January 1, 2019. This number must be reflected on documentation within the loan so that we can capture the data. 


ADDITIONAL LOAN IMPORTS:

Effective January 9, 2019, Mortgage Cadence will no longer allow a re-import of loan data. If there is additional or updated data, it will require a manual entry within the loan.  


HOA TAX ID:

In order to capture required HOA Taxpayer ID, furnish a copy of the questionnaire containing this information when uploading the loan for purchase. 


USDA LATE FEE

VHDA is changing our requirement for the late fee reflected on notes securing USDA loans. Please begin migrating your systems to reflect a 4% late fee instead of 5%. We will not immediately begin asking for corrections of this change, but ask that you implement the change as quickly as possible.

If you have questions, please contact pat.hunter@vhda.com

PLUS SECOND LOAN APPLICATIONS

A separate loan application for the Plus second is not required if the loan amount and payments are properly documented on the application for the first mortgage under subordinate financing. A LE and CD are still required to comply with CFPB and must be generated within timeframes per these guidelines. 


MANUFACTURED HOUSING

Documentation evidencing the surrender of DMV title and release of any related lien, continues to be a factor in the delay of loan purchases on manufactured properties. For VHDA specific requirements, please refer to VHDA originations guide at www.vhda.com. It is important to partner with the company issuing title insurance for their specific requirements regarding issuance of the ALTA 7 endorsement. You may reach out to pat.hunter@vhda.com for specific questions. 


MERS UPDATE

As a reminder, the Plus Second loans must also be closed and registered in compliance with MERS requirements. If you have questions please refer to VHDA Origination Guide, click here for information.

VHDA will be updating necessary documentation and/or shipping lists in the near future to incorporate these requirements. Thank you for being part of our success in 2018 and for offering VHDA products to your borrowers. May 2019 be prosperous for all. Happy New Year!

 

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Homeownership Program Department

Toll free: 800-227-8432
Local: 804-783-6725
Homeownership Staff Directory

 

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Local: 804-782-1986

 

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Email: InternalAudit@vhda.com
Website: Reporting Fraud, Waste or Abuse