MIDANET® Post-Purchase Data Correction Utility
The MIDANET Post-Purchase Data Correction Utility makes it easier and
more efficient for you to make post-purchase delivery data corrections.
Regardless of the primary delivery system you currently use, you will
need to use the MIDANET utility to submit your:
- Post-purchase delivery data corrections for Loan Prospector®
A-minus, other Caution and Non-Loan Prospector mortgages
- Corrections for Home Mortgage Disclosure Act (HMDA) data using updated
HMDA data correction screens that reflect ethnicity and race data required
by Regulation C, the implementing regulation for HMDA
With the MIDANET utility, you have four ways to make your post-purchase
delivery data corrections:
- Correct your data directly in MIDANET through the Post-Purchase Data
Correction Utility
- Batch import the Data Error and LP Validation Correction File, without
making corrections, into the MIDANET utility and correct your data
directly in the MIDANET utility.
- Correct your data in the Data Error and LP Validation Correction
File and import the corrected file into the MIDANET utility
- Correct your data in your loan origination system (LOS) and import
your internal file into the MIDANET utility
How It Works
You will still receive the Data Error and LP Validation Report and the
Data Error and LP Validation Correction File in MIDANET. These tools notify
you of post-purchase delivery data errors, and are available on the first business
day of each week for loans funding the previous week. If there are no errors
for your loans funded the previous week, the report will list "no errors"
and a correction file will not be sent.
Using the Data Error and LP Validation Report and/or Correction
File, you can submit corrections to Freddie Mac using any one of the four
options available through the MIDANET utility. Detailed instructions on
using the four options are available in the
MIDANET
Post-Purchase Data Correction Utility [PDF 863K]
publication on Freddie Mac's
Learning Center.
Determine Your Best Data Correction Method
| With the introduction of the MIDANET utility, there
are now four ways to make corrections to your post-purchase delivery
data errors |
| |
Options |
Batch Import |
This method is best for... |
| 1 |
Correct data directly in MIDANET via the MIDANET utility
|
N/A |
Correcting a few individual records one at a time, using
the 'add' function. |
| 2 |
Correct data directly in MIDANET via the MIDANET utility,
using the Data Error and LP Validation Correction File you download
from MIDANET |
The uncorrected file into the MIDANET utility |
Correcting several or many errors quickly in the MIDANET
utility. The batch import eliminates the need to manually add correction
records one at a time. |
| 3 |
Correct data in the Data Error and LP Validation Correction
File you download from MIDANET |
The corrected file into the MIDANET Utility |
Correcting many errors at one time leveraging the Excel
functionality. For example, making a global change to the file if
there is an error in the data format. |
| 4 |
Correct data in your Loan Origination System |
Your internal file into the MIDANET utility |
Maintaining consistency between your LOS and the mortgage
data delivered to Freddie Mac. |
Get Training and More Information
|
