MCA Monthly Update
January 2010 |
|
| |
|
|
|
|
Welcome to the MCA Monthly Update. To help you stay compliant and up-to-date, our newsletters contain underwriting tips, processing tips, and compliance updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.
*MCA has a new website!
Visit our newly redesigned website to find upcoming regulation deadlines, the latest compliance news, updated FAQs, and other helpful resources.
If you have any questions, simply reply to this email or call us at 877-226-3216.
For real time compliance news, you can now follow us on Twitter and Facebook.
|
| Underwriting & Processing Tips |
|
2. “If a GFE is issued on the old form prior to January 1, 2010, then the old HUD-1 form must be used even if closing will occur after January 1, 2010. For GFEs issued on the old form, the loan originator has the option to reissue the GFE (with the same terms and charges) on the new form, in which case the settlement agent must complete the new HUD-1 form.” (from HUD’s FAQs for RESPA)
3. A good practice is to make sure that your file always includes an underwriting loan approval from the lender.
4. To allow us to provide you with a quality audit, your submissions should contain the following:
- Initial disclosures and application
- Credit, income and asset documentation (if applicable)
- Signed underwriting package
- Closing package (Collateral documents)
- *If possible, purge file of duplicates
|
|
|
| |
| FHA Update |
|
- – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
- Letter from the FHA Commissioner, which contains brief Q & A about recent policy changes, including FHA approval process and RESPA. View the entire letter
- – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
- Provides guidance for borrower eligibility for short sales and short payoffs. Effective immediately. View the entire letter
- – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
- Contains the latest updated version of Chapter 6 (Special Underwriting) of HUD Handbook 4155.1. View the entire chapter
- – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
- Contains the latest updated version of Chapter 4 (Property Valuation and Appraisals) of HUD Handbook 4155.2. View the entire chapter
- – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
- Clarifies how fees must be disclosed on the new GFE and HUD-1, consistent with the RESPA changes. View the entire letter
- – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
To view all HUD Mortgagee Letters for the year, visit HUD’s website.
- – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
*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.
|
| Fannie Mae Update |
| Ann. 09-36: Updates to the Home Affordable Modification Program…
- Updates HAMP, including requirements for tax returns, income documentation, and title endorsement and recordation. Effective date is 1/1/10. View the entire announcement
- – - – - – - – - - – - – - – - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
- - – - – - – - – - - - – - – - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
- Contains several updates and clarifications for various servicing policies, such as temporary review period for HAMP Trial Modifications, Risk Profiler, Quality Assurance Reviews for Acquired Properties, etc. View the entire announcement
- – - – - – - – - – - - - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
|
| Freddie Mac Update |
|
Bulletin 2009-28: Home Affordable Modification Program
- Provides information about the Treasury’s Mortgage Modification Conversion Drive, announces changes to HAMP, and changes capitalization threshold on all mortgages being modified. Effective immediately. View the entire bulletin
- – - – - – - – - – - – - – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -
|
| VA Update |
- – - – - – - – - – - – - – - – - - - – - – - – - – - – - – - – - – - – - – - – - – - – - -
To view VA Circulars/News from 2009, visit the VA website.
|
|
|
Feel free to call us with any questions at 877-226-3216.
|
|
|
