- Nov. 25 - RSVP now for MCA's QM webinar! register here (posted: Monday Nov 25, 2013)
- Nov. 22 - Read MCA's latest newsletter here. (posted: Friday Nov 22, 2013)
- Nov. 20 - Department of Veterans Affairs updates water/sewer connection requirements. read here (posted: Wednesday Nov 20, 2013)
- Nov. 20 - Freddie Mac updates and revises its selling and servicing requirements. Topics include manually underwritten mortgages and more. (posted: Wednesday Nov 20, 2013)
- Nov. 20 - HUD clarifies self-reporting requirements for Single Family FHA-approved lenders. read more (posted: Wednesday Nov 20, 2013)
- Oct. 15 - MCA will release new products and services this month - stay tuned for updates! (posted: Tuesday Oct 15, 2013)
- Oct. 10 - Freddie Mac guidance related to government shutdown. FreddieMac.com (posted: Thursday Oct 10, 2013)
- Oct. 10 - Learn how the government shutdown will impact Fannie Mae. FannieMae.com (posted: Thursday Oct 10, 2013)
- Oct. 1 - How will the government shutdown impact the Department of Veteran Affairs Home Loan Guaranty program? VA.gov (posted: Tuesday Oct 1, 2013)
- Sept. 26 - Freddie Mac updates its selling and servicing requirements concerning fraud training, reporting, and more. FreddieMac.com (posted: Thursday Sep 26, 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.
- 2013 Newsletters
HUD Mortgagee Letters http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/index.cfm
2013 HUD Mortgagee Letters
- This Mortgagee Letter clarifies self-reporting requirements of all Single Family FHA-approved lenders.
- This Mortgagee Letter clarifies the Department’s requirements, and communicates expectations for servicers who are engaging in loss mitigation during the foreclosure process.
- This Mortgagee Letter provides updates to HUD’s policies on communicating with borrowers whose loans are delinquent or in default.
ML 2013-38: Single Family Foreclosure Policy and Procedural Changes for HUD Title II Forward Mortgages and HECM Reverse Mortgages; Reasonable Diligence Requirements; HUD’s Schedule of Allowable Attorney Fees
- This Mortgagee Letter updates reasonable diligence timeframes, and schedule of attorney fees for all jurisdictions.
- This Mortgagee Letter revises instructions related to superstorm response and processing requirements.
- This Mortgagee Letter implements policy changes to the 203(k) rehabilitation insured mortgages for properties located within Presidentially Declared Major Disaster Area Super Storm Sandy.
- This Mortgagee Letter announces the consolidation of Title I and Title II lender identification numbers.
ML 2013-34: Delayed Implementation of “PFS Participation Requirement” Section included in Mortgagee Letter 2013-23, Updated Pre-Foreclosure Sale (PFS) and Deed in Lieu (DIL) of Foreclosure Requirements
- This Mortgagee Letter amends the PFS effective date from ML 2013-23.
- This Mortgagee Letter clarifies policy announced in ML 2013-27.
- This Mortgagee Letter implements revisions to FHA’s loss mitigation home retention options.
ML 2013-31: Extension of Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the 3-Year Rule for Section 223(f) Refinancing or Acquisition of Affordable Multifamily Rental Housing
- This Mortgagee Letter benefits applications for affordable properties that meet the requirements of Section 223(f) program, except that the house was completed or substantially rehabilitated less than three years prior to the date of application for Firm Commitment.
- This Mortgagee Letter outlines annual base city high cost percentage and high cost area revisions effective January 1, 2013.
- This Mortgagee Letter clarifies policy on unused borrower funds from an escrow account on an existing mortgage in and FHA-insured refinance transaction(s).
- This Mortgagee Letter provides parameters for the required financial assessment mortgagees must complete prior to approval of an FHA-insured HECM.
- This Mortgagee Letter implements several changes to the HECM program.
- This Mortgagee Letter provides minimum underwriting requirements and criteria for evaluating borrowers who have experienced an Economic Event (also defined) resulting in income reduction due to job loss or other circumstances.
- This Mortgagee Letter updates on Loan Submission Requirements and Underwriting Requirements.
- This Mortgagee Letter amends guidance on collections and disputed accounts, and clarifies guidance on judgments.
- This Mortgagee Letter establishes updated FHA Pre-Foreclosure Sale and Deed in Lieu of foreclosure requirements.
- This Mortgagee Letter (ML) announces the extension of unemployment special forbearance policies detailed in ML 2011-23.
- This Mortgagee Letter solicits comments on proposed revisions to the FHA Tier Ranking System (TRS).
- This Mortgagee Letter clarifies that the mortgage insurance premium will be based on the first mortgage only; this Mortgagee Letter also clarifies the process for submitting requests for an interruption in the owner-occupancy term.
- This Mortgagee Letter reminds mortgagees of the procedures for preparing partial claim documents.
- This Mortgagee Letter provides guidance relating to title approval at conveyance.
- This Mortgagee Letter provides guidance for determining the interest rates to use when implementing FHA’s Loss Mitigation Home Retention options.
- This Mortgagee Letter permits the subordination of partial claim liens for FHA streamlined refinances, and to eliminate consideration of partial claim notes.
ML 2013-15: Updated Delinquency/Default Status Codes for the Single Family Default Monitoring System; Special Forbearances and Trial Payment Loans; New Requirement for Non-Incentivized Loan Modifications
- This Mortgagee Letter introduces new status codes and announces a new reporting requirement.
- This Mortgagee Letter sets forth documentation mortgagees must provide to demonstrate eligibility for FHA mortgage insurance of loans.
- This Mortgagee Letter authorizes delegation of non-critical repair escrow administration to FHA Multifamily Lenders and Servicers.
- This Mortgagee Letter explains enhancements to the Lender Insurance Program.
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
- This announcement describes miscellaneous servicing policy changes.
- This announcement describes the Mortgage Release policy changes and clarifications.
- Fannie Mae updates its delinquency management and default prevention servicing policies impacted by certain CFPB rules and regulations.
- Fannie Mae establishes requirements for elimination and rescissions of foreclosure sales.
- This announcement outlines expiration dates for Streamlined Modification, HAMP, 2MP, and more.
- This announcement describes servicing policy changes and updates for unemployment forbearance, servicer name change requirements, and more.
- This announcement updates policies on assistance for borrowers impacted by disasters.
- This announcement describes policy updates regarding Borrower Response Package Incentives and Workout Fulfillment Benchmark, and Increased HAMP Modification Incentives.
- The terms of Fannie Mae standard and streamlined loan modifications for conventional mortgage loans require that the modified interest rate be set to the rate established by Fannie Mae.
- Fannie Mae provides guidance through data change process steps to lender staff responsible for post-purchase reviews.
- Fannie Mae provides guidance to servicers in connection with loan modification assistance programs.
- This announcement describes policy changes and clarifications to the following: multiple listing service requirements for standard short sale /HAFA II, credit report seasoning for standard short sale/HAFA II, property inspection requirements for Mortgage Release, and more.
- This particular notice describes servicing policy and clarification for the following: reporting requirements for major credit repositories, income documentation requirements, and standard short sale/HAFA II and Mortgage Release for government loans.
- Fannie Mae clarifies existing and announces new obligations for bifurcated mortgage loans.
- Fannie Mae announces servicing policy changes and updates.
- Fannie Mae describes servicing policy changes and updates.
- 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 and revises its selling and servicing requirements. Topics include manually underwritten mortgages and more.
- This bulletin updates and revises servicing requirements .
- This bulletin updates servicing requirements in response to CFPB final rules implementing mortgage servicing provisions of the RESPA and TILA act.
- Freddie Mac gives sellers/servicers various tools and systems that provide estimates of property value generated by Freddie Mac’s proprietary automated property valuation model.
- This bulletin provides temporary guidance and notifies Sellers and Servicers of temporary changes to certain requirements in the guide to assist borrowers who have been impacted by the government shutdown.
- Freddie Mac announces its new purchase eligibility requirements in response to the final rule issued from the CFPB implementing the ability to repay provisions.
- Freddie Mac revises its requirements to increase certain state foreclosure timelines, and more.
- This bulletin updates Freddie Mac’s requirements in response to the CFPB’s final rule on ability to repay.
- In this bulletin, Freddie Mac announces updates and revisions to its servicing requirements.
- In this bulletin, Freddie Mac announces the elimination of the complete Borrower Response Package and Delinquency improvement performance standard and the associated Servicer incentives and compensatory fees.
- Freddie Mac makes several updates to its selling requirements relating to Freddie Mac Relief Refinance Mortgages and ULDD.
- Freddie Mac issues industry letter notifying sellers of its revised requirements as a result of CFPB’s final rule on ability to repay and qualified mortgages.
- Freddie Mac introduces a low activity fee to assess annually (beginning January 1, 2014) sellers/servicers not meeting certain activity thresholds for the prior calendar year.
- Freddie Mac makes updates and revisions to its selling requirements that will support the use of Loan Quality Advisor.
- Fannie Mae administers revisions and updates to its selling requirements.
- Freddie Mac announces an extension to mandatory adoption date.
- Freddie Mac updates and revises selling and servicing requirements.
- Freddie Mac announces updates to modification requirements.
- 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
- The VA provides updated requirements for properties which are on individual water and/or sewer systems.
- Expresses concern about VA borrowers affected by the federal government shutdown, and describes measures mortgagees may employ to provide relief.
- Discusses the government shutdown impact as it relates to a borrower’s income.
Circular 26-13-21 – September 30, 2013 – Annual Increase in Construction Cost Index and Specially Adapted Housing (SAH), Special Housing Adaptations (SHA), and Temporary Residence Adaptations (TRA) Grants
- Announces effective date for increased SAH, SHA, and TRA grant amounts.
- Provides guidance to servicers regarding the VA home loan guaranty program in the event of a government shutdown.
- Provides guidance on requests for execution of documents related to the conveyance or reconveyance of properties.
- VA to begin reviewing applications for home loan guaranty benefit for same-sex married couples.
- This circular provides details concerning the creation of the Contract Assurance Unit and the permanent relocation of the LGY CO Indianapolis, IN office to the Nashville, TN office effective immediately.
- This circular expresses concern about VA home loan borrowers affected by Colorado flood.
- This circular announces a change concerning the percentage to be used in calculating the purchase price of a property that secured a terminated loan.
- This circular announces the VA SAR online training program.
- This circular clarifies that electronic signatures are acceptable for use in conjunction with the VA Home Loan program.
- This Circular clarifies the abilities of servicers and loan holders to utilize principal reductions in connection with the modification of VA-guaranteed home loans.
- This Circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by the Colorado Springs fire, and describes measures mortgagees may employ to provide relief.
- Expresses concerns for VA home loan borrowers affected by Oklahoma’s severe storms and tornadoes.
- Reminds lenders and servicers of recently enhanced VIP security features.
- 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