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MCA Monthly Update
August 2010
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Welcome to the MCA Monthly Compliance Update. To help you stay compliant and up-to-date, our newsletters contain compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.
Join our free monthly webinar “We have a QC Plan…Now what?”
A practical approach to implementing your QC Plan.
Join our webinar on Thursday, August 19 at 12:00 pm MDT.
Reserve your webinar seat now at:
Implementing a good quality control plan can help you improve operations and manage risk. But once you have a QC plan, how do you implement it? Join us for a free webinar on August 19, where we will provide a practical approach to implementing your QC plan. We will cover such topics as disclosure compliance, pre-funding reviews, post-closing reviews, branch reviews, record retention, and trend tracking. If you send us your questions in advance, our compliance professionals will try to incorporate the answers into the presentation.
We are always happy to hear from you and encourage you to submit your questions to info@mortgagecomplianceadvisors.com.
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For real time compliance news, you can now follow us on Twitter and Facebook.
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| MCA and Our Community |
MCA held a food drive during June and July to raise donations for the Utah Food Bank, an organization whose volunteers and agencies work together to gather and distribute emergency food to individuals and families experiencing the pain of hunger in Utah. According to their website, Utah Food Bank was able to serve approximately 50,000 meals to children this summer.
Food banks are always in need of monetary donations or high protein, non-perishable items such as peanut butter and cans of tuna.
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| Dodd-Frank Wall Street Reform and Consumer Protection Act |
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21. The act will have significant effects on the mortgage industry, so we wanted to share a helpful summary with you.
The Mortgage Bankers Association has put together a great summary which condenses the information in the 2,300+ page Dodd-Frank bill down to 15 pages. You can read the 15 page summary here.
http://mbaa.org/files/ResourceCenter/MIRA/MBASummaryofDoddFrank.pdf
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| Webinar Questions and Answers |
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We want to thank everyone who attended our webinar: “Understanding How the LQI Affects You.” As promised, we have posted the slides and answers to the questions asked.
Question 1 – Is it the TPO that runs the LDP for all parties at the origination level?
- Answer – This would be a decision your investor would make. However, we recommend you run these checks prior to underwriting to ensure there are no problems prior to underwriting. These are also free to run, so cost should not be an issue.
Question 2 – Are company names required to be checked against the LDP/GSA lists? This information indicates “individuals” only.
- Answer – Fannie Mae states all “parties to a mortgage transaction include companies or individuals that are involved in the origination, underwriting, or servicing of a mortgage.”
Question 3 – Are underwriters to be listed on the GSA/LDP lists?
- Answer – Yes. See answer above.
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| HUD/FHA Update |
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- Announces a new “Home Equity Conversion Mortgage Required Documents for Endorsement” list. Effective date for use is October 4, 2010. View the entire letter
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To view all HUD Mortgagee Letters for the year, visit HUD’s website.
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| Fannie Mae Update |
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- Announces that Area Median Incomes (AMIs) will be available on Fannie Mae’s website no later than August 23, 2010.
- Lenders must use AMIs from efanniemae.com to determine borrower eligibility for MyCommunityMortgage (MCM) loans. View the entire notice
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- On or before October 1, 2010, seller/servicers must instruct mortgage insurers (in writing) to provide Fannie Mae with information concerning its loans. View the entire letter
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- Describes updates, clarifications and reminders to several servicing policies, including:
- Retirement of HomeSaver Advance™
- Technology Usage and Electronic Invoice Submission Charges to Attorneys and Trustees
- Prohibition against Servicer-Specified Vendors for Fannie Mae Referrals
- Prohibition on Outsourcing Fees, Referral Fees, Packaging Fees, and Similar Fees
- Attorney or Trustee File Transfers
- New Documentation Aging Requirements for Loss Mitigation Options
- Mandatory Nature of Retained Attorney Network
- Deeds-in-Lieu of Foreclosure
- Clarification Regarding Foreclosure Actions in the Name of MERS®
- Monitoring Pooled from Portfolio (PFP) Mortgage Loans
- Servicer Responsibilities for Non-Escrow Mortgage Loans
- Audit Confirmation Request Process Changes
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To view all Fannie Mae Announcements and Letters for the year, visit
Fannie Mae’s website.
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| Freddie Mac Update |
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- Provides guidance for sellers about Florida Condominium Effort.
- Introduces new requirements for servicers about short sales, HAFA EDR codes, and payment of non-performing loans invoices.
View the entire bulletin
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- Announces Freddie Mac’s reduction of dependence on Special Characteristics Codes (SCCs) and other delivery codes, as part of MISMO transition. View the entire bulletin
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| VA Update |
- (For Florida) Amends info concerning fixed period of liability preceding acquisition of title in a foreclosure for HOA dues and assessments on a condo. View the entire change
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- Effective for loan applications taken on or after October 1, 2010, lenders must include an itemization of credits and title service charges. View the entire circular
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To view VA Circular/News for 2010, visit the VA website.
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Feel free to call us with any questions at 877-226-3216.
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