- May 22 - Connect with MCA on LinkedIn for latest updates. (posted: Wednesday May 22, 2013)
- May 22 - Read MCA's latest tweets for recent news. (posted: Wednesday May 22, 2013)
- May 22 - Department of Veterans Affairs (VA) reminds lenders and servicers of enhanced security features for VIP. VA.gov (posted: Wednesday May 22, 2013)
- May 20 - Read MCA's latest newsletter. MCA.com (posted: Sunday May 19, 2013)
- May 20 - Freddie Mac updates its selling and servicing requirements. FreddieMac.com (posted: Sunday May 19, 2013)
- May 20 - HUD provides guidance for determining interest rates for Loss Mitigation Home Retention options. HUD.gov (posted: Sunday May 19, 2013)
- May 13 - Follow MCA on Twitter for the latest mortgage compliance updates. (posted: Monday May 13, 2013)
- May 13 - HUD introduces new default status codes for delinquent single-family mortgages. HUD.gov (posted: Monday May 13, 2013)
- May 13 - Freddie Mac updates sellers with industry letter. FreddieMac.com (posted: Monday May 13, 2013)
- May 2 - Connect with MCA on LinkedIn. (posted: Thursday May 2, 2013)
August 2012 Webinar: “Anti-Money Laundering: Non-Bank Compliance”
April 2012 Webinar: “Prioritize QC with Pre-Funding”
December 2011 Webinar: “Looking Back & Planning Ahead”
September 2011 Webinar: “GFE Compliance – Part 2″
August 2011 Webinar: “QC Findings Are Done…Now What?”
June 2011 Webinar: “GFE Compliance”
May 2011 Webinar: “Making the Most of Your QC Data”
April 2011 Webinar: “Evaluating Your Appraisal”
March 2011 Webinar: “Compliance Q&A Webinar”
February 2011 Webinar: “Essentials of a Compliant QC Plan”
January 2011 Webinar: “Common Compliance Findings of 2010 & How to Prevent Them”
November 2010 Webinar: “Reviewing Red Flags of Fraud”
October 2010 Webinar: “Managing the Year of Change”
September 2010 Webinar: “Revisiting the GFE: How to Resolve Common Findings”
August 2010 Webinar: “We have a QC Plan… Now what?”
July 2010 Webinar: “Understanding How The LQI Affects You”
June 2010 Webinar: “Common Compliance Findings and How to Prevent Them”
May 2010 Webinar: “Red Flags of Fraud”
April 2010 Webinar: “Managing Your Early Payment Default Risk”
March 2010 Webinar: “Continuing to Make Sense of the New GFE: A More in Depth Look”
February 2010 Webinar: “Making Sense of the New GFE”
Our free monthly newsletter, the MCA Monthly Compliance Update, includes compliance updates and notifications of upcoming webinars.
HUD Mortgagee Letters http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/index.cfm
2013 HUD Mortgagee Letters
ML 2013-11: Additional Guidance for the Origination and Servicing of FHA-Insured Loans in the Presidentially-Declared Major Disaster Areas and Specific Requirement for Hurricane Sandy Affected Communities
- HUD amends guidance for origination and servicing of FHA-insured loans in Presidentially-Declared Major Disaster Areas.
- HUD explains enhancements to the Lender Insurance program.
- HUD issues notice concerning measures to mitigate risks on FHA mortgage insurance for multifamily properties.
- Provides for priority processing of multifamily mortgage insurance applications for transactions in New York and New Jersey.
- Supplements Environmental review requirements of Chapter 9 of the Multifamily Accelerated Processing (MAP) Guide by including a radon assessment.
- Outlines details regarding HUD requirement of moratorium on foreclosure properties in Presidentially-Declared Major Disasters.
- Revises the procedures for underwriting loans where the borrower has a decision credit score below 620 and the total fixed payments to effective income ratio exceeds 43.00%.
- Updates consistent with FHA’s ongoing efforts to strengthen the Mutual Mortgage Insurance Fund.
- Notifies mortgagees that the implementation date for Mortgagee Letter 2012-22 has been extended to March 15, 2013 and clarifies questions HUD received from the industry regarding proper implementation of Mortgagee Letter 2012-22.
- Updates the certification language that must accompany all late endorsement requests for HECMs.
- Announces the consolidation of the FHA and HECM Standard and HECM Saver initial mortgage and insurance premium (MIP) and maximum principal limit factors for fixed interest rate mortgages.
HUD Housing Handbooks
RESPA information, FAQs, etc.
HUD Press Releases
Neighborhood Watch: Early Warning System (Check your compare ratio of defaults, etc.)
HUD Single Family Events and Training (many are free)
HUD Webcast Schedule
FHA Final Rule regarding strengthening risk management
2013 Fannie Mae Lender Announcements and Letters
- Fannie Mae revises several aspects of its execution of legal documents policy.
- Fannie Mae changes the format of bidding instructions.
- Fannie Mae announces delinquency status reporting and hierarchy.
- Fannie Mae announces updates to Lender-Placed Property Insurance requirements, and more.
- Fannie Mae announces servicing policy updates.
- Fannie Mae announces streamlined modifications, conventional mortgage loan modifications, and outbound communications.
- Fannie Mae updates servicers on hazard insurance coverage.
- Servicing policy updates for private flood insurance and more.
- Fannie Mae clarifies servicer’s obligations in connection with a transfer of ownership.
- Describes servicing policy reminders, changes, and updates.
- Details requirements for servicers regarding insurance claim settlements.
- Updates Uniform Borrower Assistance Form (Form 710).
- Updates compensatory fee assessment and more.
- Explains details of when servicer must submit form and more.
- Extends suspension of foreclosure sales and eviction lockouts for borrowers with properties or employment located within the FEMA declared disaster areas eligible for individual assistance.
- Approved National Mortgage Insurance (NMI) Corporation as a new mortgage insurer to provide mortgage insurance for conventional first mortgage loans.
- Clarifies when servicers file claims for reimbursement for sheriff’s costs.
Fannie Mae Selling Guide
Fannie Mae Selling & Servicing Guide Forms
Form 4506-T Lender Tips
Freddie Mac Single-Family Seller/Servicer Guide Bulletins and Industry Letters
Freddie Mac Resources for Sellers/Services (including news and Seller/Servicer Guide)
2013 Freddie Mac Bulletins and Industry Letters
- Freddie Mac updates allowable amounts for attorney fees relating to foreclosure, new requirements for bidding at a foreclosure sale, and more.
- Freddie Mac announces “Streamlined Modification”.
- Temporarily revises its property insurance proceeds disbursement requirements to enable servicers to more quickly release insurance proceeds to borrowers impacted by Hurricane Sandy.
- Updates and revisions to servicing requirements including, but not limited to, state foreclosure timelines and related compensatory fees.
- Updates to delivery date requirement for Freddie Mac Relief Refinance Mortgages and more.
- Extension details related to foreclosure sale and eviction closeout.
Freddie Mac Forms and Electronic Documents
2013 VA Circulars http://www.homeloans.va.gov/new.htm
- Reminds lenders of responsibility to enter guaranty requests in Department of Veterans Affairs (VA) webLGY system within 60 days of loan closing.
- Informs lenders and servicers of action required to ensure validated users are not deactivated.
- Extends rescission date to meet minimum property requirements prior to VA Loan Guaranty.
- Extends rescission date in order that stations can continue to issue VA Notices of Value or Master Certificates of Reasonable Value.
- Extends rescission date of the basic circular.
- Requests continued forbearance for VA borrowers affected by Hurricane Sandy.
- Change is to clarify procedures.
- Conveys new processes and security procedures to better secure VIP.
- Outlines security changes relating to VIP.
VA Lender’s Handbook, circulars, etc.
- Prohibits payments to the loan originator that are based on the loan’s interest rate or other terms.
- Prohibits a mortgage broker or loan officer from receiving payments directly from a consumer while also receiving compensation from the creditor or another person…
- Read the Federal Reserve’s one page summary with highlights
- Read the actual final rules
- Read the “Compliance Guide to Small Entities”
- Get the recording of the Fed’s LO Compensation webinar
Federal Trade Commission
Red Flag extension moved to December 31, 2010
More in-depth information about Red Flags Rule