Pre-Funding Reviews

Welcome to the MCA Monthly Compliance Update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.

Industry Highlights

Feb. 1 – Freddie Mac announces updates to ULDD.

Feb. 1 – Fannie Mae updates Selling Guide to include financing details, and quality control updates. FannieMae.com

Jan. 30 – VA announces 2012 county loan limits. VA.gov

Jan. 19 – The VA extends rescission date for execution of quitclaim deeds. VA.gov

Jan.19 – VA extends rescission date for property preservation requirements and fees. VA.gov

To see all the latest mortgage compliance news and updates, visit our News & Resources page.

March 19, 2012

Freddie Mac: Mortgages Delivered On Or After 3/19/12 To Be In MISMO v3.0 Format

For all mortgages delivered to Freddie Mac on or after March 19, 2012, data must be delivered in the MISMO v3.0 format; and if the mortgage application date is on or after December 1, 2011, the delivery must include the required ULDD data points. More details at FreddieMac.com

March 19, 2012

Freddie Mac: Requiring Appraisal Color Photographs

Effective for conventional mortgages that require appraisal reports and have delivery dates on or after 3/19/12, Freddie Mac is requiring all appraisal photographs to be in color and eliminating acceptability of facsimile copies of appraisal reports. Read at FreddieMac.com

March 19, 2012

Freddie Mac: Retiring MIDANET

Freddie Mac is retiring MIDANET for delivery and removing references to it from the Guide. Visit FreddieMac.com for more information.

MBA’s CREF/Multifamily Housing Convention & Expo

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