Blog

Our updated blog is full of useful tips and articles to help you comply and improve the quality of your loans. You can also find a copy of each month's newsletter, which contains updates and tips.

Feb
03
2012

MCA Monthly Compliance Update – February 2012

MCA Logo

MCA Monthly Compliance Update

February 2012

Our Services



Pre-Funding Reviews






Stay Updated
Connect with us:
View our profile on LinkedIn Follow us on Twitter Find us on Facebook
Join Our Mailing List!

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

Join the blogosphere with National Mortgage News editor, Paul Muolo! Read his recent entry about government and the mortgage industry. The observation may indeed provide as news to be hopeful about. OriginationNews.com


Compliance Updates

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.


Deadlines

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.


Events

February 5-8, 2012

MBA’s CREF/Multifamily Housing Convention & Expo

Atlanta, GA
For more information, visit mbaa.org


February 21-24, 2012
MBA’s National Mortgage Servicing Conference & Expo
Orlando, FL
To learn more, visit mbaa.org


Get important compliance updates right away! Follow and Friend us on Twitter and Facebook.

Feel free to call us with any questions at 877-226-3216 or reply to this email.

No Comments »
Jan
23
2012

Proposed QRM Rule Causes Strife

A new regulatory proposal is set to require a minimum down payment of 20 percent on Qualified Residential Mortgages (QRM).  It is suggested that this proposal down payment requirement provides as a direct hindrance to first-time home buyers, working class borrowers, and minorities.  The 20 percent requirement will make it more expensive and difficult for qualified borrowers to attain home ownership.  The MBA, and assumably many others, are fighting to eliminate the down payment requirement altogether, before the rule is finalized.  Isn’t the idea to make home ownership affordable and attainable?  This QRM proposal certainly doesn’t help this value.  Find out more information at  NationalMortgageNews.com.

No Comments »
Jan
18
2012

Moody’s Reports Loan Modifications Decline & Increasing Short Sales

According to a forecast from Moody’s Investor Service, residential loan modifications will reportedly decline in 2012.  If the forecast proves correct, then this will be the second straight year that loan modifications have plummeted.  Moody’s report also shows that when borrowers are not eligible, or re-default on their modifications, short sales will increase.  What impact will an increase in short sales have?  Well, the report claims that rising short sales will reduce liquidation timelines, and stabilize loss severities.  With the overwhelming number of defaulted loans, should we expect better in 2012’s housing market? MortgageServicingNews.com

No Comments »
Jan
11
2012

MCA Monthly Compliance Update – January 2012

MCA Logo

MCA Monthly Compliance Update

January 2012


Our Services



Pre-Funding Reviews






Stay Updated
Connect with us:
View our profile on LinkedIn Follow us on Twitter Find us on Facebook
Join Our Mailing List!

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

Read our notes from our most recent free webinar series, “Looking Back & Planning Ahead”.  The new year has arrived, and it’s time to comply with old and new regulations.  Review mortgage compliance in 2011, and how we may expect to comply in 2012.


To view the webinar presentation for “Looking Back & Planning Ahead”, follow the link below:


Looking Back & Planning Ahead Presentation


Compliance Updates

Jan. 6 – Freddie Mac revises requirements announced in Bulletin 2011-22. FreddieMac.com


Jan. 3 – HUD addresses large loan risk mitigation policies. HUD.gov


Dec. 30 – Fannie and Freddie announce guaranty fee increase effective April 1, 2012. eFannieMae.com FreddieMac.com


Dec. 29 – VA announces final change to regulation for modifying VA guaranteed home loans. VA.gov


Dec. 29 – VA announces value adjustments and the requirement for interior photos of subject properties.
VA.gov


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


Deadlines

January 1, 2012

Fannie Mae: Mortgage Loans Delivered to use Revised Form 2100 03/06 (rev 12/10)

In order for lenders to deliver mortgage loans secured by properties on community land trusts, they must use the appropriate Fannie Mae ground lease rider.  Fannie Mae has revised its standard community land trust ground lease rider for use with the NCLTN 2011 CLT Network Model Ground Lease and with the ICE Model Ground Lease.

The new version of Fannie Mae’s ground lease rider is labeled the Community Land Trust Ground Lease Rider, Form 2100 3/06 (rev 12/10).  Lenders may use Form 2100 3/06 (rev 12/10) with either the NCLTN 2011 CLT Network Model Ground Lease or the ICE Model Ground Lease. Lenders should be certain that their community land trust partners have approved the use of the 12/10 version of Form 2100 before the 3/06 version is retired 12/31/2011. Loans delivered after 12/31/2011 must use the 12/10 version of Form 2100.


For details on this subject matter, please follow the link eFannieMae.com


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.


Events

February 5-8, 2012

MBA’s CREF/Multifamily Housing Convention & Expo

Atlanta, GA
For more information, visit mbaa.org


February 21-24, 2012
MBA’s National Mortgage Servicing Conference & Expo
Orlando, FL
To learn more, visit mbaa.org


Get important compliance updates right away! Follow and Friend us on Twitter and Facebook.

No Comments »
Dec
30
2011

GSE Guarantee Fee Hike Debut April 1

After the Federal Housing Finance Agency directed GSEs, Fannie and Freddie, to implement a mandated increase in their loan guarantee fees – you can surely expect it… April 1, 2012.  The payroll tax cut extension bill passed by Congress on Dec. 23 requires that GSEs charge an average g-fee in 2012 of at least 10 basis points higher than in 2011.  The bill also prompts the GSE regulator to adjust the g-fees so all lenders pay the same fee.  The legislation plans to give FHFA two years to implement a uniform fee structure.

No Comments »
Dec
09
2011

MBA Urges Government Not To Change Current GSE Servicing Compensation Model

Yesterday, National Mortgage News shed light on FHFA’s proposal that would pay loan processors $10 per month for performing loans.  However, this proposal seems to contradict the new advances being made to gradually detach mortgage banking from government involvement; therefore, the Mortgage Bankers Association is urging the government not to change the current GSE servicing compensation model.  Where government support regarding housing finance will go, we shall wait to see.  To read in more detail, visit NationalMortgageNews.com

No Comments »
Dec
02
2011

MCA Monthly Compliance Update – December 2011

MCA Logo

MCA Monthly Compliance Update

December 2011

Our Services

Pre-Funding Reviews

Stay Updated
Connect with us:
View our profile on LinkedIn Follow us on Twitter Find us on Facebook
Join Our Mailing List!

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

Join us for our next free webinar “Looking Back & Planning Ahead” on Thursday, December 8, 2011 at 1:00 MDT.

GFE Part 2

2011 is winding down, and the new year is quickly approaching.  Join us for a FREE webinar as we review compliance in 2011, and look forward to how we may comply in 2012.


Reserve your seat by registering now!

GFE Part 2


Compliance Updates

Nov. 30 – The VA announces that funding fees will be raised and valid through September 30, 2016. VA.gov


Nov. 30 – Fannie Mae confirms its conventional loan limits for 2012. eFannieMae.com


Nov. 21 - Fannie Mae authorizes file transfers from the Baum Law Firm. eFannieMae.com


Nov. 21 - Freddie Mac updates lengthy list of servicing requirements. FreddieMac.com


Nov. 17 – The VA announces that pending Congressional action may affect VA funding fees. VA.gov


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


Deadlines

December 1, 2011

Freddie Mac: New ULDD data points required for Phase I implementation

Sellers must collect the new ULDD data points required for the initial implementation phase (Phase I implementation) for all Mortgages with applications dated on or after December 1, 2011. In response to seller feedback, there has been a revised scope of delivery requirements; the number of data points required in Phase I implementation of the ULDD has been reduced. Delivery data must include the ULDD data points that map to existing delivery requirements, and 53 additional ULDD data points that are critical for improved loan data quality and investor processing.


To learn more about how Freddie Mac is helping Sellers implement ULDD requirements, visit FreddieMac.com


December 1, 2011

Fannie Mae and Freddie Mac: Uniform Appraisal Dataset (UAD) Requirements

In efforts to best standardize and collect appraisal data, FHFA developed the joint portal, UCDP, where lenders may submit electronic appraisal report forms – to both Fannie Mae and Freddie Mac. Implementation of the UAD includes four UAD appraisal report forms: Uniform Residential Appraisal Report, Individual Condominium Unit Appraisal Report, Exterior-Only Inspection Individual Condominium Unit Appraisal Report, and the Exterior-Only Inspection Residential Appraisal Report. The UAD is required for appraisals with effective dates on or after September 1, 2011. Only conventional mortgages sold to Fannie Mae, which are accompanied by one of the four UAD appraisal report forms, must meet this requirement.


In accordance, for all conventional mortgage loans with application dates on or after December 1, 2011 and delivery dates on or after March 19, 2012, the four UAD appraisal report forms and four of the following appraisal report forms (including addenda, photographs, and exhibits) must be submitted to UCDP prior to the delivery date of the mortgage loan to Fannie Mae. The additional appraisal report forms are as follows: Uniform Residential Appraisal Report, Manufactured Home Appraisal Report, Small Residential Income Property Appraisal Report, Exterior-Only Inspection Individual Condominium Unit Appraisal Report, Exterior-Only Inspection Residential Appraisal Report, Individual Cooperative Interest Appraisal Report, and Exterior-Only Inspection Individual Cooperative Interest Appraisal Report.


For more information on UCDP submissions, visit eFannieMae.com


January 1, 2012

Fannie Mae: Mortgage Loans Delivered to use Revised Form 2100 03/06 (rev 12/10)

In order for lenders to deliver mortgage loans secured by properties on community land trusts, they must use the appropriate Fannie Mae ground lease rider.  Fannie Mae has revised its standard community land trust ground lease rider for use with the NCLTN 2011 CLT Network Model Ground Lease and with the ICE Model Ground Lease.


The new version of Fannie Mae’s ground lease rider is labeled the Community Land Trust Ground Lease Rider, Form 2100 3/06 (rev 12/10).  Lenders may use Form 2100 3/06 (rev 12/10) with either the NCLTN 2011 CLT Network Model Ground Lease or the ICE Model Ground Lease. Lenders should be certain that their community land trust partners have approved the use of the 12/10 version of Form 2100 before the 3/06 version is retired 12/31/2011. Loans delivered after 12/31/2011 must use the 12/10 version of Form 2100.


For details on this subject matter, please follow the link eFannieMae.com


Events

December 8

Looking Back & Planning Ahead

Free Online Webinar

For more information or to register, visit MCA.com


February 5-8, 2012

MBA’s CREF/Multifamily Housing Convention & Expo

Atlanta, GA

For more information, visit mbaa.org


February 21-24, 2012
MBA’s National Mortgage Servicing Conference & Expo
Orlando, FL

To learn more, visit mbaa.org


Get important compliance updates right away! Follow and Friend us on Twitter and Facebook.

Feel free to call us with any questions at 877-226-3216 or reply to this email.

www.MortgageComplianceAdvisors.com

No Comments »
Nov
30
2011

Are Wealthy Borrowers Getting The Mortgage They Want?

Now that Fannie and Freddie have lowered their loan limit, the private sector has become involved in helping wealthy borrowers obtain their perfect mortgage; however, perfect may translate into jumbo, in this case.  Loan officers have observed that even well-off borrowers are experiencing some frustration in their seeming inability to obtain the mortgage that they want.  So, to draw a mere conclusion, neither middle class nor well-to-do’s are faring dry in this mortgage storm.  For a better perspective, read on at OriginationNews.com.

No Comments »
Nov
21
2011

Unemployment Rate to Remain Above 7%?

Deep in our economic slump, recovery seems like a mere notion at this point.  With many factors that contribute to the many economic woes, the housing market has been said to be one of the most significant of them all.  With foreclosures rising and home prices plummeting, where does this leave the unemployment rate?  According to Federal Reserve Bank of San Francisco president and chief executive, John C. Williams, the unemployment rate will remain above 7 percent for the next three years.  For more, read at NationalMortgageNews.com.

No Comments »
Nov
17
2011

RESPA Rated Toughest Compliance Task

Yesterday, Origination News pointed out that of the many financial regulations, RESPA is most complex to comply with.  It is believed that RESPA has a variety of interpretations, which make it a daily struggle to comply with.  This noted compliance burden may be more than enough incentive for compliance managers to outsource this particular mortgage QC need.

No Comments »




FHA Quality Control | Mortgage Compliance Services | Mortgage Compliance Resources