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AssumabilityIndicatorfor ULDD/Loan Delivery
The purpose of this job aid is to explain how to determine the appropriate value to deliver for the ULDD Assumability Indicator (Sort ID 225) in Loan Delivery.
The ULDD Assumability Indicator (Sort ID 225) is meant to capture whether the loan is assumable by another party as of the Note Date. The value for ULDD Assumability Indicator included in the Fannie Mae loan delivery file is determined by the information provided in the Security Instrument (the loan documents) for loan assumability. Fannie Mae requires that you enter the value of “false” for ULDD Assumability Indicator (Sort ID 225) unless the mortgage is assumable as of the Note Date per the Standard ARM Plan Matrix.
Note:
• This guidance applies to conventional loans only.
• Fannie Mae fixed-rate loan documents have a “due on sale” clause and do not allow for assumptions as of the Note Date.
• Certain ARMs are assumable per the Standard ARM Plan Matrix.
• Based on official comment from the CFPB regarding Assumability on the Closing Disclosure, the value provided in ULDD could vary from the value stated in the Uniform Closing Dataset (UCD).
ULDD Specification (Future FNM Implementation Notes update included)
| Sort ID | MISMO Data Point Name | MISMO Definition | Loan Role Type | Loan State Type | FNM Conditionality | FNM Conditionality Details | FNM Implementation Notes | ULDDS Format | FNM Supported Enumerations |
| 225 | AssumabilityIndicator | Indicates whether the loan is assumable by another borrower. | SubjectLoan | AtClosing (Non-Mods) OR AtModification | R | Required for all loans | Enter “false” unless the Mortgage is assumable as of the Note Date. For MBS, all loans in the pool must have the same AssumabilityIndicator. |
Boolean | false true |
For detailed instructions on how to perform other tasks, see the Loan Delivery User Guide, eLearning tutorials, or other job aids. If you do not have access to Loan Delivery and require it, contact your Technology Manager administrator.
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