On April 7, 2022, the Department of Veterans Affairs (“VA”) published Circular 26-22-05 to inform lenders that the VA is making system enhancements to move towards a more automated process. Beginning in April, lenders have the option of uploading the Uniform Closing Dataset (“UCD”) and Uniform Loan Application Dataset (“ULAD”) for any loan selected by VA for a full-file loan review.
When the VA selects a loan for full-file loan review, a letter is sent to the lender requesting copies of origination loan documents. The documents can be uploaded directly into the VA’s online portal, WebLGY. In April the functionality in WebLGY was updated to allow UCD and ULAD files to be uploaded. The uploaded files must be in “XML” format and conform to Version 3.3 of the Mortgage Industry Standards Maintenance Organization (“MISMO”) reference model. Lenders who choose not to submit the datasets may continue to follow the standard procedures for submitting loan origination file to VA upon request.
Circular 26-22-05 states that the VA plans to move away from manual review processes through the improvement of information technologies. Later this year, the VA plans to announce more information about new application programming interfaces (“APIs”).
To view the VA guide with instructions on how to upload UCD and ULAD files in WebLGY, click here.
DocMagic is able to generate UCD XML files from any of our applications and has multiple options available for secure and efficient delivery of system-to-system, compliant UCD files.
If you have any questions regarding this article, please contact DocMagic’s Compliance Department.