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- Deadlines
- FHA: New minimum credit scores and LTV ratio requirements are effective for case numbers assigned on or after 10/4/10.
- For case numbers assigned on/after 10/4/10, FHA will lower its upfront mortgage insurance premium and raise annual premium, except for HECM.
- FHLMC: Multiple policies effective concerning Area Median Incomes and determining additional debt obtained from inquiries on credit report.
- Final Rule effective on loan originator compensation and steering.
- Section 1481(d) of Dodd-Frank Act becomes effective (person may not receive assistance from any mortgage assistance program if they've been convicted within last 10 years of felony larceny, theft, fraud, or forgery; money laundering; or tax evasion.)
- HUD/FHA: Enhancements to FHA's refinance program effective for loans with case numbers issued on or after 9/7/10, which are closed on or before 12/31/12.
- FNMA: Lenders must apply policies related to undisclosed liabilities from SEL-2010-11 on loan applications dated on or after 12/1/10.
- "FHA is returning to its former CLTV limit for case numbers assigned on or after 9/7/10."
- FHLMC: MISMO-based delivery requirements effective for all Mortgages Freddie Mac purchases.
- FNMA: HomeSaver Advance option will be retired.
- FNMA: Various selling policy changes effective from SVC-2010-10.
- FHLMC: Servicers may no longer consider unemployment benefits as source of income when evaluating borrower for Trial Period Plan under HAMP.
- FHLMC: Servicers must comply with FHLMC requirements related to implementation of SD 10-02 for borrowers who become 31 days delinquent on/after 9/1/10.
- VA: Effective for loan applications taken on or after 10/1/10, lenders must include itemization of credits and title service charges.
- FNMA: Seller/servicer must instruct mortgage insurers (in writing) to provide FNMA with information about its loans.
- FNMA: Lenders must use 2010 Area Median Incomes (AMIs) for new loan applications (manually underwritten) dated on/after 9/1/10.
- HUD: Mortgagees must use new HECM Required Documents for Endorsement list.
- FNMA: Multiple policies effective related to appraisals.
- FHLMC: Policies effective from Bulletin 2010-15 for Loan Delivery Data.
- FNMA: "Servicers must verify income, liabilities, and monthly expenses for all borrowers prior to granting a permanent standard Fannie Mae mortgage modification" for all standard FNMA modification offers on or after 7/15/10.
- FNMA: Underwriting guidelines from SEL-2010-08 for borrowers with prior foreclosure "effective for manually underwritten mortgage loans with application dates beginning 10/1/2010."
- FHLMC: "HAMP Backup Modifications and Cap-to-Reinstate modifications must have a first modified payment due date on or before 9/1/10."
- FHLMC: Sellers must deliver appraiser's State license numbers for all Mortgages with application dates on or after July 1, 2010…
- FHA: Each mortgagee with FHA approval as of 5/20/2010 that exceeds size standards for small business must have net worth of at least ,000,000. Mortgagees that meet size standards must have net worth of at least 0,000.
- FHLMC: "Servicers must have incorporated HAFA into their operations and begin offering HAFA solutions."
- FNMA: Servicers must have HAFA policies and procedures implemented.
- HUD: Requirements effective from 10-18 "Update of Property and Preservation (P&P) Requirements and Cost Reimbursement Procedures"
- FNMA: All newly originated balloon mortgage loans, and all mortgage loans not meeting the new qualifying rate and interest-only eligibility requirements must be purchased as whole loans on or before August 31, 2010, or delivered into MBS pools with issue dates on or before August 1, 2010.
- FNMA: For ARMs with an initial fixed-rate period of 5 years or less, lenders must use the greater of the note rate plus 2%, or the fully indexed rate (effective for manually underwritten mortgage loans.)
- FNMA: On or after the weekend of 6/19/10 - for new loan casefiles submitted to DU, ARM requirements are effective. Interest-only eligibility requirements are also effective.
- FNMA: Multiple Servicing Guide updates effective from SVC-2010-06.
- FHA: Net worth requirements effective for 2013 and subsequent years.
- FHA: "Effective on June 21, 2010, applicants shall comply with the net worth requirements [in Final Rule]…"
- FHA: Correspondents can no longer close FHA-insured mortgages in their own names.
- FNMA: "Effective for loan applications dated on or after 7/1/10, lenders will be required to determine during their review of the credit report if there is a preforeclosure or short sale and must manually apply the new policies to all loan case files underwritten through DU."
- FNMA: Multiple policies effective from SVC-2010-05.
- FHLMC: New requirements for Servicing Released Sales Process are effective, including eligibility and approval requirements.
- FNMA: Baloon pricing changes from SVC-2010-05 are effective for whole loans purchased on or after 6/1/2010…
- FHLMC: Multiple policies effective for mortgages with applications dated on or after 6/13/10, such as Freddie Mac no longer purchasing Initial Interest Mortgages, increased minimum Indicator Scores, etc.
- FHLMC: "New max LTV/TLTV ratio requirements effective for Section 502 GFH Mortgages for mortgages with application dates on or after 6/13/10 and for mortgages with settlement dates on or after 9/1/10.
- FNMA: Policy changes for Lender Quality Control Standards from SEL-2010-03 are effective.
- HUD/FHA: Revisions to HECM Loan Agreement and Fannie Mae Form 1009 effective for all HECM case numbers assigned on or after this date.
- FNMA: Servicers are required to use new reporting file layout for Payment Reduction Plan Loans.
- FHA: Effective date for Final Rule regarding Strengthening Risk Management, including net worth requirements.
- FNMA: Lenders may continue to apply HARP flexibilities to loans originated under Refi Plus™ and DU Refi Plus™ provided the note...
- FHLMC: Relief Refinance Mortgages must have Note Dates on or before 6/30/11.
- FNMA: “LTV ratio calculation [must] be truncated (shortened) to two decimal places, then rounded up to the next whole percent.”
- FHLMC: “Document Custodians, approved prior to October 28, 2009, with a vault that does not provide a minimum of two hours...
- FNMA: “Effective date for the requirement to deliver the loan origination identifiers and appraiser data elements has been extended...
- FNMA: “Effective for mortgage loan applications taken on or after July 1, 2010, Fannie Mae will require the use of the updated Form 1003.”
- FNMA: MI flexibilities in Ann. 09-04 extend through 6/10/10 and apply only to mortgage loans with note dates on or before...
- FHLMC: HAMP change eliminates stated income Trial Period Plans and requires full verification of Borrower eligibility after the...
- FTC: Enforcement date for FTC’s Red Flags Rule.
- FNMA: “If the subject property is a condo or other property type that is identified by a unit number, the unit number must be included...
- FNMA: “Lenders [must] determine that all debts of the borrower incurred or closed up to and concurrent with the closing of the...
- FNMA: Lenders must confirm that companies involved in origination, underwriting, or servicing are not on GSA Excluded Party List...
- FNMA: “The requirement for all borrowers to have a Social Security number or ITIN is effective for all loan applications dated...
- FNMA: “Lenders will be required to confirm the identity of each borrower whose credit is used for the purpose of determining...
- FNMA: “Effective for all HAMP trial period plans with effective dates on or after June 1, 2010, a servicer may only offer a borrower...
- FNMA: “…all other servicers must implement the use of IDI as soon as possible but no later than June 1, 2010.”
- FNMA: “All conventional mortgage loans for which the lender’s project acceptance was based solely on FHA-project approval...
- FNMA: “Purchase/Delivery Deadline: Purchase date for whole loans; delivery date for MBS – Manually underwritten loans...
- FNMA: “The change to the Potential Red Flag messages will be effective the weekend of April 17, 2010.”
- FHA will collect an upfront mortgage insurance premium of 2.25 percent.
- FNMA: New reverse mortgage reporting requirements effective. Servicers must submit trial balance transaction files by 6th...
- FNMA: All reverse mortgage loans with unpaid principal balance differences greater than 0, must be reconciled no later...
- FNMA: “Committing Deadline – DU Version 7.0 and 7.1 EA product pricing in eCommitting and eCommitONE will be retired.”
- FHLMC: Multiple changes to HAMP/imminent default requirements effective from Bulletin 2010-1.
- FHLMC: “Imminent Default Indicator must be used as part of any new imminent default evaluation conducted on or after...
- FHLMC: “Servicers must begin using the new [HAMP] documentation no later than March 1, 2010.”
- “Fannie Mae servicers who are required to use IDI by March 1, 2010 by other investors must implement the use of IDI for...
- Fannie Mae servicers must use new standard HAMP documents no later than March 1, 2010.
- FHLMC: “Sellers must take out separate fixed-rate Cash contracts for Relief Refinance Mortgages with LTV ratios higher than 105%…”
- FHA: No later than February 5, 2010, report is due with updated Single Family Default Monitoring System (SFDMS) status codes for...
- FHLMC: Change effective for Condo Unit Mortgages from Bulletin 2010-2.
- FHLMC: “Freddie Mac will no longer purchase non-Freddie Mac-owned streamlined refinance Mortgages.”
- FHLMC: Multiple credit and property eligibility changes are effective from Bulletin 09-24.
- FNMA: Changes effective for FHA-approved condo projects, FICO versions for manually underwritten loans, modified loan eligibility...
- HUD: New RESPA regulations will take effect.
- FHLMC: Must comply with requirements set forth in Treasury’s SD 09-08.
- FHA: Key changes are effective for HOPE for Homeowners (H4H) Program.
- FHA: “Effective January 1, 2010, all supervised mortgagees must now submit an annual audited financial statement within 90 days...
- FHA: “Effective for all case numbers assigned on or after January 1, 2010, the validity period for all appraisals on existing and...
- FHA adopts Appraisal Update and/or Completion Report. Effective for case numbers assigned on/after 1/1/10.
- FHA: New appraisal portability requirements are effective for all case numbers assigned on or after January 1, 2010.
- FHA: New appraiser independence requirements are effective.
- FNMA: Required to implement HAMP policies concerning borrower notices from Ann. 09-36.
- FHA: Required to use updated Forms 1013, 1014, 1072.
- FNMA: “Delivery Date Availability: MBS and whole loan deliveries – Deliveries may begin for both manually underwritten loans...
- FNMA: “Effective for mortgage loan applications taken on or after January 1, 2010, Fannie Mae will require the use of the...
- Fannie Mae new mortgage loan data requirements are required for all applications dated on or after 1/1/10.
- FNMA: “Purchase/Delivery Deadline: Purchase date for whole loans; delivery date for MBS – DU Version 7.0...
- FNMA: Application date for “New DU loan casefiles underwritten with DU Version 8.0.”
- FNMA: “All outstanding HSF offers must be closed and entered into HSSN prior to December 10, 2009...
- FHA: Changes to condominium approval process for Single Family Housing are effective.
- FHLMC: “Effective for Mortgages for which the Servicer begins a new evaluation under HAMP on or after...
- FNMA: “Required determination of [HAMP] eligibility based on NPV test results for mortgage loans with an initial NPV evaluation on or...
- FNMA: All whole loans and mortgage loans delivered into MBS on or after December 1, 2009 must comply with the new policy: The borrower may receive...
- FNMA: Closed HomeStyle Construction-to-Permanent loans must be purchased by Fannie Mae from existing approved lenders by November 30, 2009.
- Events
- MCA Blog
- News Tweets
- HUD posts new minimum credit scores and LTV ratio requirements for FHA loans. Effective 10/4/10.
- Read our September Compliance Update and register for our upcoming GFE webinar.
- HUD officially raises annual FHA premium and lowers upfront premium, except for HECM.
- Fannie Mae servicers must assign delinquent Florida mortgages to a FNMA attorney for mediation.
- Fannie Mae posts SVC-2010-12: Foreclosure Time Frames and Compensatory Fees for Breach of Servicing Obligations.
- Freddie Mac posts bulletin providing guidance about Property Assessed Clean Energy (PACE) program.
- Fannie Mae announces new requirements for lenders regarding borrowers who got PACE loans before 7/6/10.
- HUD posts ML10-27 for Multifamily mortgagees. Renews policy for eligibility of projects where construction has started.
- Join our next free webinar “Revisiting the GFE: How to Resolve Common Findings” Sept 23 at 12:00 pm MDT.
- Read all 12 QC questions and answers from our webinar.
- Download the slides for today’s webinar “We have a QC Plan… Now what?”
- Learn how to implement your QC plan. Join our free webinar today at 12 pm MDT.
- Freddie Mac updates Selling requirements.
- Fannie Mae identifies Unique Hardships that warrant use of relief provisions.
- Financial Regulators Adopt Guidance on Reverse Mortgage Products.
- Federal Reserve announces final rules to protect mortgage borrowers from unfair lending practices…
- HUD posts ML 10-26 “Further Policy Guidance to Defer Submission of Final Architectural Plans…”
- Fannie Mae updates requirements for undisclosed liabilities and re-underwriting.
- Fannie Mae posts Selling Guide updates (unexpired redemption periods, delivery of repurchased loans, etc.)
- HUD posts ML 10-25, which gives processing instructions for refinancing Cooperative Housing Projects…
- Join our free webinar “We have a QC Plan… Now what?” Aug 19 at 12:00 pm MDT
- VA circular change: breakout of charges should be attached to HUD-1, not on HUD-1 itself.
- HUD ML 10-23 provides guidance regarding enhancements to FHA’s refi program for underwater borrowers.
- FHA eliminates unlimited CLTV ratio for refis and returns to its former CLTV limit for case numbers assigned on/after 9/7/10.
- Read our monthly compliance update and register for our next free webinar “We have a QC Plan… Now what?”
- Freddie Mac reduces dependence on Special Characteristics Codes (SCCs) and other delivery codes.
- Fannie Mae posts miscellaneous servicing policy changes, including retirement of HomeSaver Advance, etc.
- New VA circular: Lenders must include itemization of credits and title service charges.
- VA circular change: Title documentation in Florida.
- Freddie Mac updates Guide and adds new HAMP requirements.
- FNMA: Seller/servicers must instruct mortgage insurers (in writing) to release data to FNMA about its loans.
- FNMA Selling Notice: Area Median Incomes (AMIs) will be available on FNMA’s website no later than 8/23.
- Effective 10/4/10, HUD mortgagees must use new HECM Required Documents for Endorsement list.
- View or print the slides before our webinar starts “Understanding How the LQI Affects You.”
- Obama Signs Financial-Regulation Bill (Dodd-Frank).
- Read the Mortgage Bankers Association’s helpful summary of the Dodd-Frank Act.
- Freddie Mac posts bulletin for guidance about Florida Condominium Effort.
- Senate Passes Sweeping Finance Overhaul.
- Fannie Mae updates FAQ for Loan Quality Initiative (LQI).
- Register for our free webinar “Understanding How the LQI Affects You.” Thurs, July 22 at 12:00 pm MDT.
- Read our monthly compliance update, including webinar Q&A and info about our upcoming LQI webinar.
- Read all 17 questions and answers from our webinar “Common Compliance Findings and How to Prevent Them.”
- HUD posts ML 2010-21. Revises underwriting policies for FHA Multifamily programs.
- National Flood Insurance Program Reauthorized Through September 30, 2010.
- Q&A: Can Brokers provide the Initial TIL Statement? Does “Creditor” mean Broker?
- Senate passes Homebuyer Assistance and Improvement Act to extend homebuyer tax credit.
- Fannie Mae posts Selling Guide Updates and Additional Guidance on Appraisal-Related Policies.
- HUD posts new RESPA interpretive rule: Home Warranty Companies’ Payments to Real Estate Brokers and Agents.
- Freddie Mac announces publication of Freddie Mac Implementation Guide for Loan Delivery Data.
- Freddie Mac posts Industry Letter about problem drywall (guidance and forbearance options).
- FNMA: Effective 7/15, servicers must verify income, liabilities, expenses before granting standard mortgage mod.
- Download the slides from yesterday's webinar "Common Compliance Findings and How to Prevent Them."
- Join our free webinar today at 12 pm MDT “Common Compliance Findings and How to Prevent Them.”
- FNMA removes 5 year option for borrowers with prior foreclosure, so that all borrowers must meet 7 year waiting period.
- VA extends rescission date of Cir. 26-08-5 to 1/1/12: Expansion of types of ownership interests permissible under SAH…
- VA posts new circular requesting servicers to provide relief for borrowers affected by Gulf oil crisis.
- Freddie Mac revises certain eligibility, solicitation and reporting requirements for HAMP Backup Modifications.
- HUD Press Release: Obama Administration Introduces Monthly Housing Scorecard.
- Fannie Mae posts LL-2010-08: Selling Loans during Lapse of National Flood Insurance Program Authority.
- Freddie Mac amends Guide related to PUDs, Relief Refinance Mortgages, interested party contributions.
- HUD posts ML 2010-20. Key provisions and guidance on implementation of Final Rule FR 5356-F-02…
- Fannie Mae Servicers may request reimbursement for HOPE NOW Alliance cases initiated 7/1/10 through 6/30/11.
- Read our June newsletter with compliance updates, webinar Q&A, and Fannie Mae LQI summary.
- Register for our next free webinar: “Common Compliance Findings and How to Prevent Them.” June 24 at 12 pm MDT.
- Federal Reserve Chairman Bernanke speaks about “Economic and financial conditions and the federal budget.”
- From FTC: Countrywide Will Pay 8 Million for Overcharging Struggling Homeowners…
- HUD Solicits Public Comment on Referral Practices to Affiliated Businesses that May Violate RESPA.
- Fannie Mae extends eligibility timeline in LL-2010-04 and clarifies requirements for Alt Mod program.
- FHLMC also implements Home Affordable Foreclosure Alternatives Program. Servicers must have incorporated by 8/1/10.
- Fannie Mae introduces Home Affordable Foreclosure Alternatives Program: simplifies use of short sales and DIL options.
- VA posts Circular 26-10-7 to request that servicers extend forbearance for homeowners with problem drywall.
- HUD posts ML 10-19: lenders may score streamline refis through TOTAL and process, underwrite as streamline refi.
- FTC extends Red Flags Rule enforcement deadline again to 12/31/10.
- FNMA updates Selling Guide: mortgage insurance clarifications, Community Seconds eligibility, title exceptions, etc.
- Fannie Mae servicing notice modifies reference to foreclosure time frames in previous announcement.
- VA posts Cir. 26-10-6: Revised VA Making Home Affordable Program.
- MBA Reacts to Passage of Financial Regulatory Reform
- Don’t forget about today’s free webinar “Red Flags of Fraud” at 12 pm MDT. It’s not too late to register.
- VA can accept HUD/FHA/USDA condo approvals if project approval was dated prior to 12/7/09, but not after.
- HUD posts ML 10-18 updating consolidated P&P guidance on foreclosed properties that had FHA mortgages.
- Administration Releases April Loan Modification Report, Announces New Servicer Performance Measures.
- Freddie Mac posts Bulletin 2010-11: “Freddie Mac HAMP Backup Modification.”
- HUD Secretary Donovan Announces New Direction for HUD through Agency’s Strategic Plan.
- Be prepared for the FTC’s Red Flags Rule: Register for our free webinar “Red Flags of Fraud” on May 20 at 12 pm MDT.
- Read our May newsletter: Get compliance updates, a summary of the FHA Final Rule, register for “Red Flags of Fraud.”
- ML 10-17: HUD will only order lead-based paint evaluation for HUD REO properties constructed before 1978... http://bit.ly/9AXwVd
- Fannie and Freddie post announcements about Property Assessed Clean Energy Loans. FNMA: http://bit.ly/cZqHYS FHLMC: http://bit.ly/aEIASe
- Fannie Mae updates Selling Guide: ARM qualifying rate, interest-only eligibility requirements, etc.
- Federal Financial Regulatory Agencies Issue Final Guidance on Correspondent Concentration Risks.
- Agencies Release Revised Bank Secrecy Act/Anti-Money Laundering Examination Manual.
- Fannie Mae updates 2 parts of Servicing Guide: Delinquency management, Foreclosures. http://bit.ly/9CGLYH
- House Approves Bill on USDA Housing; House Financial Services Committee Passes Bills on Flood Insurance, FHA Reform. http://bit.ly/cAF6Mh
- Fannie Mae Extends 3.5 Percent Seller Assistance on its Real Estate Owned Properties. http://bit.ly/ciXFaF
- VA extends rescission dates of 2 circulars: Loan Mods Under VALERI and VA Acceptance of Homebuyer Assistance Programs. http://bit.ly/7Esfwo
- Federal Reserve Board to hold four public hearings on Home Mortgage Disclosure Act. http://bit.ly/a8Hetm
- Freddie Mac announces new Reimbursement System for submitting expense reimbursement requests. http://bit.ly/bdgi3D
- Check out the slides from today’s webinar: “Managing Your Early Payment Default Risk.” http://bit.ly/azXm5c
- Join our webinar today at 12 pm MDT: “Managing Your Early Payment Default Risk.” It’s not too late to register. http://bit.ly/bnZSEB
- HUD posts ML 10-16. Describes FHA’s centralizing of mortgagee compliance under one contractor. http://bit.ly/cmaAX4
- HUD posts ML 10-15. Provides guidance on ordering FHA case numbers and selecting FHA Roster appraisers. http://bit.ly/9ipdbP
- For a limited time, we’ll review your QC plan for free and recommend any needed changes to comply with new regulations. http://bit.ly/9JUIMd
- FHA publishes the official Final Rule in the Federal Register. Effective date: 5/20/10. http://bit.ly/bO1QPP
- NAMB Commends HUD on Approval Eligibility Final Rule. http://bit.ly/boE0hA
- FNMA adjusts underwriting criteria for borrowers who have experienced a “preforeclosure event.” Reduces waiting period. https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1005.pdf
- FHA publishes an advance copy of the final rule that will strengthen risk management. http://bit.ly/acErFJ
- Obama Administration Seeks Public Input on Reform of the Housing Finance System (HUD press release). http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-078
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