The industry asked. The regulators listened.
Fannie Mae and Freddie Mac told the Mortgage Bankers Association that the pair would delay by one year certain requirements for lenders as part of the Uniform Collateral Dataset requirements that take effect in September 2017.
The announcement, which first was made public in a session at the MBA annual conference in Boston, came in response to requests from the lending industry, led by MBA, for a postponement in the effective date. DocMagic Director of eServices Tim Anderson talked with Dodd Frank Update about the effect of the announcment. Read on for details of what he said and learn what industry will get more time with which to comply.