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# Prerequisites

Prior to exporting loan data for a transaction in ComplianceOne, the Fannie Mae Uniform Loan Delivery Dataset (ULDD) interface must be licensed to the account in the Wolters Kluwer Interface Manager by Customer Support. After licensing, additional configuration of the Interface in Interface Manager is not required.

Key items to understand when working with Loan Delivery

Loan State Type

The Loan State Type identifies the state in time of the information associated with an occurrence of the loan. For ComplianceOne, two applicable loan states may be included in the ULDD export file.

1. At Closing: The At Closing loan state is a snapshot of the loan data at the completion of the closing process. This is sometimes referred to as 'original.'

2. Current: The Current loan state is a snapshot of the loan data as of the 'Loan State Date' (at the time of loan delivery).

Loan Role Type

The Loan Role Type is an attribute of a loan used to identify the role the associated loan plays in the transaction. For ComplianceOne, two applicable loan role types may be included in the ULDD export file.

1. Subject Loan: A subject loan is a loan that is the object of the transaction, upon which the receiving business partner will take some action.

2. Related Loan: A related loan is a loan that is linked to the subject loan by virtue of being collateralized by the same property. Examples include a loan being refinanced, or a HELOC or other subordinate lien collateralized by the same property as the subject loan.

Delivery Type

1. Whole Loan: A whole loan is a single loan that a lender has issued to a borrower. The lender is subsequently selling this loan to Fannie Mae or Freddie Mac to reduce their risk. Instead of holding a loan for 15 or 30 years and hoping the borrower will repay the money, the lender can get the principal back almost immediately by selling it to Fannie Mae or Freddie Mac.

   Example of Selling a Whole Loan

   Suppose lender XYZ sells a whole loan to Fannie Mae. XYZ no longer earns interest on said loan, but it gains cash from Fannie Mae to make additional loans. When XYZ closes on those additional loans, it earns money from origination fees, points and other closing costs paid by borrowers. XYZ also reduces its default risk when selling the whole loan to Fannie Mae. It has essentially sold the loan to a new party who services the loan, and said loan is removed from XYZ’s balance sheet.

   This is the only delivery type currently supported by the ULDD Interface.

2. MBS Pool: This delivery type is not supported by the ULDD Interface. A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages.