There Is a Better Way: Batch Submission Boosts Efficiency and Accuracy
Every time you originate a loan, you record dozens of pieces of information on the borrower, the property, and the loan. To sell loans through the MPF® Program, PFIs must reenter each of those data points for every loan, taking care not to introduce mistakes in the process. Fortunately, it’s possible to submit multiple loans with minimal effort using the eMPF® website’s batch submission capability.
 
What Is Batch Submission, and Why Is It Better?
If you use a loan origination system (LOS) to enter loan data for your organization’s internal use (as most PFIs do), that system may have the ability to automatically collect and export data on individual or multiple loans as a single file that can be easily uploaded to eMPF; this process is known as batch submission. Batch submission can be used with all MPF products except MPF Direct; in fact, MPF Xtra® requires it. The biggest advantages of batch submission are:
 
Increased efficiency: Batch submission prevents unnecessary duplication of effort, allowing PFIs to deliver up to 500 loans with just a few clicks, instead of manually entering data for every loan.
 
Improved accuracy: Collecting data automatically instead of reentering it manually prevents the introduction of potentially costly errors. And once the batch file is uploaded, eMPF will provide immediate feedback on whether the loan data have been uploaded successfully or include errors that must be corrected, preventing adjustments after funding.
 
What Do You Need to Batch-Submit?
To batch-submit, your financial institution must use an LOS that is ULDD-capable. The Uniform Loan Delivery Dataset (ULDD) is the common set of required data elements established by Fannie Mae and Freddie Mac for loan delivery. An XML file containing the required ULDD data points is necessary for all MPF Xtra loans. This XML file, along with an MPF Additional Info File (CSV format), also provides the data necessary to deliver loans for other MPF products via batch submission. If your LOS vendor is ULDD-capable, your LOS can automatically export an XML file with all the necessary ULDD data points.
 
Are You Ready for ULDD Phase 2?
Fannie Mae and Freddie Mac recently added required data points to the ULDD, and the resulting dataset is known as ULDD Phase 2. Starting June 27, 2016, this new dataset will be required for all batch submissions.
 
The good news is, your LOS provider should be handling this transition for you. However, the stakes are high—if your LOS is not using ULDD Phase 2 by the deadline or system errors occur, your organization will not be able to make MPF Xtra transactions or any other batch submissions. So it’s a good idea to take these precautions:
- If your LOS vendor hasn’t already rolled out ULDD Phase 2, contact them to find out when the rollout will be complete. Fannie Mae recommends that vendors complete their ULDD Phase 2 rollout by April to ensure a smooth transition.
- Ensure that all system updates from your LOS provider are downloaded promptly.
 
Chances are, your system is already capable of batch submission. All you need to reap the benefits of improved efficiency and accuracy is to take advantage of this capability. If you have questions or need help, don’t hesitate to contact the MPF Service Center at MPFServiceCenter@fhlbc.com or 877-463-6676.
In This Issue
 
The Clock Is Ticking!

If your LOS is not updated to support ULDD Phase 2 by June 27, 2016, your organization will be unable to deliver loans to MPF Xtra, or to use the batch submission process to deliver loans using the MPF Traditional products, MPF Government, or MPF Government MBS. If your LOS provider has not already rolled out ULDD Phase 2, contact them to find out when the rollout will be complete.

 
What’s Stopping You?

None of these issues should keep you from taking advantage of the batch submission capability:

→ If you don’t have a ULDD-capable LOS, check this list to find one.
→ If you don’t know whether your LOS is ULDD-capable, check the link above or contact your LOS provider.
 → If you don’t know how to export a batch file from your LOS or you encounter difficulties, contact your LOS provider or the MPF Service Center—they’re here to help!

 
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Copyright 2015, Mortgage Partnership Finance Program. “Mortgage Partnership Finance,” “MPF,” “MPF Xtra,” and “eMPF” are registered trademarks of the Federal Home Loan Bank of Chicago. The “MPF Mortgage Partnership Finance” logo is a trademark of the Federal Home Loan Bank of Chicago.
This newsletter contains forward-looking statements which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “anticipates”, “believes”, “expects”, “could”, “plans”, “estimates”, “may”, “should”, “will,” or their negatives or other variations on these terms.We caution that, by their nature, forward-looking statements involve risk or uncertainty, that actual results could differ materially from those expressed or implied in these forward-looking statements, and that actual events could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk factors set forth in our periodic filings with the Securities and Exchange Commission, which are available on our website at www.fhlbc.com. We assume no obligation to update any forward-looking statements made in this newsletter.
The Clock Is Ticking!

If your LOS is not updated to support ULDD Phase 2 by June 27, 2016, your organization will be unable to deliver loans to MPF Xtra, or to use the batch submission process to deliver loans using the MPF Traditional products, MPF Government, or MPF Government MBS. If your LOS provider has not already rolled out ULDD Phase 2, contact them to find out when the rollout will be complete.

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