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MCA Monthly Update
July 2010
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Lending Manuals
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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.
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Join our free monthly webinar “Understanding How The LQI Affects You.”
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Learn about implications and timelines from Fannie Mae’s Loan Quality Initiative.
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Join our webinar on Thursday, July 22 at
12:00 pm MDT.
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Reserve your webinar seat now at:
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Join our free webinar on July 22 for an in-depth discussion of Fannie Mae’s Loan Quality Initiative (LQI), including an overview of how it will affect brokers, lenders, wholesalers, and banks. Learn more about its implications and timelines, and ask our professionals your LQI questions.
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For real time compliance news, you can now follow us on Twitter and Facebook.
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| Webinar Questions and Answers |
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We want to thank everyone who attended our webinar: “Common Compliance Findings and How to Prevent Them.” As promised, we have posted the slides and answers to the questions asked.
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Question 1 – If we purchased a QC manual from MCA, are updates available for new laws?
- Answer - Yes, MCA does offer updates to your Quality Control Plan. You can contact us at your convenience so that we can discuss the specifics of your plan.
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Question 2 – Do you have a suggestion on how much time before closing we should pull the FNMA comparison report?
- Answer – If you are referring to the re-pulling of credit to check for undisclosed liabilities, we suggest you pull this as close to closing as possible.
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Question 3 – What is an example of proof of receipt?
- Answer – An example of proof of receipt would be a confirmation email, delivery receipt, fax confirmation, etc. (See slide 32)
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Question 4 – How do you address a GFE issued as a lender and a subsequent submission as a broker? One will have YSP and one will not, and investors fees are different. Can you give guidance on this when we are submitting to 2 different avenues?
- Answer – Once you provide the GFE, you cannot change the amount in block 1. This includes your investor fees. However, when you lock the loan, you will then be required to state the credit (YSP) to the borrower.
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| HUD/FHA Update |
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- Provides overview of key provisions and guidance on implementation of Final Rule. 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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*We offer FHA, VA, and HECM reference manuals with regulations and policies updated quarterly. For more information, visit our website or call 877-226-3216.
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| Fannie Mae Update |
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- Servicers may request reimbursement for HOPE NOW Alliance counseled cases that were initiated on and after 7/1/10 through 6/30/11. View the entire notice
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- Under certain conditions, Fannie Mae will purchase mortgage loans secured by properties located in Special Flood Hazard Areas that do not have an active flood insurance policy. View the entire letter
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- Removes 5 year option for borrowers with prior foreclosure, so that all borrowers must meet 7 year waiting period. Also updates eligibility requirements for borrowers with extenuating circumstances. View the entire announcement
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- “Effective for all standard Fannie Mae mortgage loan modification solicitation offers on or after July 15, 2010, servicers must verify income, liabilities, and monthly expenses for all borrowers prior to granting a permanent standard Fannie Mae mortgage modification.” View the entire announcement
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Describes the following:
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- Appraisal-related policies that update the Selling Guide
- Inclusion of interior photographs in the appraisal report
- Lender changes to the appraised value and guidance on addressing appraisal deficiencies
- Appraiser selection criteria
- Sources of comparable market data
- Selection of comparable sales
- Communication under the HVCC
- Seller concessions
- Treatment of personal property
- Market Conditions Addendum to the Appraisal Report (Form 1004MC)
- Miscellaneous appraisal-related guidance (no impact on the Selling Guide)
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- Miscellaneous Selling Guide updates
- Updates to Special Feature Codes
- Updates to Mortgage Insurance Codes
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| Freddie Mac Update |
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- Revises certain eligibility, solicitation and reporting requirements for HAMP Backup Modifications. Also revises settlement timeline… View the entire bulletin
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- Announces publication of Freddie Mac Implementation Guide for Loan Delivery Data. Requirements effective for all loans delivered to Freddie Mac on or after September 1, 2011. View the entire letter
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| VA Update |
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- Describes measures VA urges mortgage servicers to employ in providing relief to distressed borrowers affected by Gulf Oil Crisis. 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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