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MCA Monthly Update
June 2010
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Welcome to the MCA Monthly 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 “Common Compliance Findings and How to Prevent Them.”
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Improve your quality control processes and prevent common findings.
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Join our webinar on Thursday, June 24 at 12:00 pm MDT.
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Reserve your webinar seat now at:
 https://www1.gotomeeting.com/register/690882728
Join us for our free June webinar where we will provide invaluable information on how to limit your exposure to risk and improve your quality control processes: We will share common trends that we see in our quality control audits and how you can prevent them. We will also share helpful tips on how you can meet the ever-increasing quality control demands made by investors.
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 |
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On May 15th, MCA participated in the Mothers for Haiti fundraiser in Riverton, Utah. Mothers for Haiti is a charitable foundation, started by a small group of nurses and other volunteers, who have been to Haiti since the January 2010 earthquake. Their goal is to raise funds and gather much-needed food and supplies for the children of the Foyer De Sion Orphanage.
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| Webinar Questions and Answers |
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We want to thank everyone who attended our webinar: “Red Flags of Fraud.” As promised, we have posted the slides and answers to the questions asked.
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Question 1 – What steps would you take if the signatures did not match?
- Answer – We first suggest contacting your borrower and discussing the discrepancy with them. If you feel the situation warrants special consideration, such as a deliberate case of misrepresentation, you can contact any of the suggested sites we made available during the presentation (local HUD office, Fannie Mae or the FTC). You should retain in your file the steps you took in detecting and addressing the discrepancy.
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Question 2 – Does the geographic concentration change when you look at fraud for profit vs. fraud for housing?
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| Red Flags Rule Extended |
With the FTC’s further extension of the Red Flags Rule deadline, Mortgage Compliance Advisors encourages mortgage brokers and lenders not to put off implementing their Red Flag Policy.
May 28, 2010 – This morning, the Federal Trade Commission announced a further extension of the enforcement date for the Red Flags Rule. The previous enforcement deadline, June 1, 2010, has now been extended to December 31, 2010. The FTC states that the reason for the extension is to allow congress time to “consider legislation that would affect the scope of entities covered by the Rule…
…Read the rest of our press release about the extension.
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| Summary of Fannie Mae Loan Quality Initiative (LQI) |
Fannie Mae recently published its Loan Quality Initiative (LQI), impacting several requirements. MCA has created a brief summary of Fannie Mae’s LQI, including effective dates. We hope you find the information informative and useful.
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| HUD/FHA Update |
- Updates consolidated property and preservation (P&P) guidance for foreclosed properties that had FHA mortgages. Effective July 13, 2010. View the entire letter
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- Announces that lenders may score streamline refis through TOTAL, and process and underwrite as streamline refis. 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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- Updates the Selling Guide’s following topics:
- Mortgage insurance clarifications
- Community Seconds loan eligibility
- Title exceptions and defects
- Miscellaneous updates and clarifications
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| Freddie Mac Update |
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- Announces changes for:
- HAMP Backup Modification
- Cap-to-Reinstate modification
- HAMP requirements to permit use of a Servicer’s proprietary form to collect borrower’s financial information…
View the entire bulletin
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- Announces Freddie Mac’s requirements for the Treasury’s Home Affordable Foreclosure Alternatives (HAFA) initiative. Effective August 1, 2010. View the entire bulletin
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| VA Update |
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- VA can accept HUD/FHA/USDA condo approvals if project approval was dated prior to December 7, 2009, but not after… View the entire change
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- Provides authority and revised instructions for modifying VA loans in accordance with Making Home Affordable program. Effective immediately. View the entire circular
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- Requests that servicers extend forbearance for at least 6 months for homeowners with problem drywall. View the entire circular
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To view VA Circular/News for 2010, visit the VA website.
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