MISMO Data Standards and Uniform Loan Delivery Dataset (ULDD)

Updated 2026-05-17

The mortgage industry relies heavily on standardized data exchange to ensure consistency, efficiency, and interoperability across various parties and systems. Two foundational frameworks for this standardization are the Mortgage Industry Standards Maintenance Organization (MISMO) Data Standards and the Uniform Loan Delivery Dataset (ULDD). These standards provide a common language and format for mortgage data throughout the loan lifecycle, from origination to servicing and delivery.

MISMO Data Standards

MISMO Data Standards are developed by the Mortgage Industry Standards Maintenance Organization (MISMO) and define standardized data attributes and formats. Their widespread adoption ensures consistency, integrity, and efficient exchange of loan data.

Key Aspects and Applications

• Data Standardization: MISMO provides a common language and format for mortgage data, ensuring consistency and interoperability throughout the loan lifecycle.
• Industry Adoption: Organizations like Fannie Mae and Freddie Mac leverage MISMO data standards to improve data alignment and enhance risk management capabilities. For example, Fannie Mae's loan data expansion initiative requires servicers to report an expanded set of data attributes for servicing events, specifically aligning with MISMO standards.
• Automated Underwriting Systems (AUS): Automated underwriting systems, such as Fannie Mae's Desktop Underwriter® (DU®), utilize MISMO specifications for their datasets. This ensures that data submitted by lenders is structured in a way that the AUS can process efficiently.

MISMO V. 3.4

MISMO V. 3.4 refers to a specific version of the MISMO data standard. While specific versions like V. 3.4 define particular implementations, they are integral to the overall framework of MISMO data standards. The data collected on the Supplemental Consumer Information Form (Form 1103) is supported within the DU Specification MISMO V. 3.4, indicating that the information is integrated into the standardized data exchange format used for automated underwriting.

Uniform Loan Delivery Dataset (ULDD)

The Uniform Loan Delivery Dataset (ULDD) is a standardized dataset developed by Fannie Mae and Freddie Mac to facilitate the electronic delivery of loan data from lenders to the GSEs. It ensures consistency and efficiency in the loan acquisition process. The ULDD leverages MISMO standards to define its data requirements.

Enumerated Values

Enumerated Values within the ULDD are specific codes or predefined options used for various data fields, ensuring uniformity and accuracy in reporting. These values are critical for compliance and proper loan delivery.

Mortgage Insurance (MI) Codes

A key example of ULDD Enumerated Values are the MI Codes, which identify the mortgage insurer or the reason why mortgage insurance is not required. These codes are essential for MLOs and lenders when delivering loans to Fannie Mae.

Examples of ULDD MI Codes include:

• Specific codes for approved mortgage insurers (e.g., 38 for Arch Mortgage Insurance Company, 01 for Enact Mortgage Insurance Corporation).
• Codes indicating no mortgage insurance is required:
  • MI Code 95: No MI based on original underwriting standards (80% or less) or eligibility for a no-MI Fannie Mae to Fannie Mae Refinance.
  • MI Code 97: No MI based on current LTV (80% or less), with specific restrictions for negotiated bulk transactions only as of July 2025.

For a comprehensive list of Fannie Mae's approved insurers and their corresponding ULDD MI Codes, refer to Fannie Mae Mortgage Insurance Requirements.

Role of ICE Mortgage Technology, Inc. (AllRegs)

ICE Mortgage Technology, Inc. (ICE MT) is a technology provider for the mortgage industry that supports the adoption and understanding of these standards. It operates AllRegs, a widely used online platform that provides access to a comprehensive library of mortgage lending guidelines, regulations, and compliance information. The broader mortgage industry, including platforms like AllRegs and automated underwriting systems, heavily relies on MISMO Data Standards for consistent and efficient data exchange.

AllRegs Platform

The AllRegs platform hosts various mortgage-related publications, including the Fannie Mae Selling Guide, under license from the respective publishers. It serves as a convenient repository for industry documents.

Disclaimers and Authority

ICE MT's role is primarily as a platform provider. It explicitly disclaims any warranty regarding the results obtained from using the AllRegs website and states that it is not liable for any losses or damages resulting directly or indirectly from errors on the website.

It is important to note that:

• The content published on AllRegs is under license from the original publishers (e.g., Fannie Mae).
• In cases of discrepancy between the AllRegs version and the official version published by the source (e.g., Fannie Mae's website), the official source's version is considered the correct and authoritative document.