Fannie Mae and Freddie Mac announced they are working together to provide a common industry dataset that will support the Consumer Financial Protection Bureau’s (CFPB) new Closing Disclosure Form.

The common industry dataset is called the Uniform Closing Dataset and it’s part of the Uniform Mortgage Data Program (UMDP), which is a program that Fannie and Freddie put in place to enhance the quality and accuracy of loan data.

“The UMDP is a multifaceted, ongoing program in which the government-sponsored enterprises (GSE) develop and implement mortgage data standards for the single-family loans we purchase and/or securitize,” Freddie Mac said in an update on its website. “Capturing consistent and accurate data is essential to our ability to effectively assess risk on the mortgages we purchase and will create efficiencies for all industry participants.”

The GSEs said they will publish the Uniform Closing Dataset after the CFPB publishes its final rule integrating the RESPA and Truth in Lending disclosure forms. The dataset will contain the standardized data requirements for electronically implementing the form.

“We are currently in the process of gathering input on a draft data specification from a targeted set of industry participants, including lenders, technology vendors, forms vendors and settlement service providers,” Fannie Mae said in a release. “We will be working closely with lenders and other industry participants to help support the full implementation of the Uniform Closing Dataset.”

According to CFPB information, the final mortgage disclosure rule should be released in October.