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Welcome to the MCA Monthly Compliance Update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.

Industry Highlights

Join the blogosphere with National Mortgage News editor, Paul Muolo! Read his recent entry about government and the mortgage industry. The observation may indeed provide as news to be hopeful about. OriginationNews.com

Compliance Updates

Feb. 1 – Freddie Mac announces updates to ULDD.

FreddieMac.com

Feb. 1 – Fannie Mae updates Selling Guide to include financing details, and quality control updates. FannieMae.com

Jan. 30 – VA announces 2012 county loan limits. VA.gov

Jan. 19 – The VA extends rescission date for execution of quitclaim deeds. VA.gov

Jan.19 – VA extends rescission date for property preservation requirements and fees. VA.gov

To see all the latest mortgage compliance news and updates, visit our News & Resources page.

Deadlines

March 19, 2012

Freddie Mac: Mortgages Delivered On Or After 3/19/12 To Be In MISMO v3.0 Format

For all mortgages delivered to Freddie Mac on or after March 19, 2012, data must be delivered in the MISMO v3.0 format; and if the mortgage application date is on or after December 1, 2011, the delivery must include the required ULDD data points. More details at FreddieMac.com

March 19, 2012

Freddie Mac: Requiring Appraisal Color Photographs

Effective for conventional mortgages that require appraisal reports and have delivery dates on or after 3/19/12, Freddie Mac is requiring all appraisal photographs to be in color and eliminating acceptability of facsimile copies of appraisal reports. Read at FreddieMac.com

March 19, 2012

Freddie Mac: Retiring MIDANET

Freddie Mac is retiring MIDANET for delivery and removing references to it from the Guide. Visit FreddieMac.com for more information.

Events

February 5-8, 2012

MBA’s CREF/Multifamily Housing Convention & Expo

Atlanta, GA

For more information, visit mbaa.org

February 21-24, 2012

MBA’s National Mortgage Servicing Conference & Expo

Orlando, FL

To learn more, visit mbaa.org

Get important compliance updates right away! Follow and Friend us on Twitter and Facebook.

Feel free to call us with any questions at 877-226-3216 or reply to this email.

www.MortgageComplianceAdvisors.com

Fannie Mae Updates Selling Guide

admin — Wed, 01 Feb 2012 17:27:59 +0000

Feb. 1 – Fannie Mae updates Selling Guide to include a few changes. eFannieMae.com

Proposed QRM Rule Causes Strife

admin — Mon, 23 Jan 2012 19:36:26 +0000

A new regulatory proposal is set to require a minimum down payment of 20 percent on Qualified Residential Mortgages (QRM). It is suggested that this proposal down payment requirement provides as a direct hindrance to first-time home buyers, working class borrowers, and minorities. The 20 percent requirement will make it more expensive and difficult for qualified borrowers to attain home ownership. The MBA, and assumably many others, are fighting to eliminate the down payment requirement altogether, before the rule is finalized. Isn’t the idea to make home ownership affordable and attainable? This QRM proposal certainly doesn’t help this value. Find out more information at NationalMortgageNews.com.

Fannie Mae Announces Attorney Fee Updates

admin — Thu, 12 Jan 2012 17:07:11 +0000

Jan. 12 – Fannie Mae announces attorney fee updates. eFannieMae.com

Fannie Mae Introduces Unemployment Forbearance Program

admin — Thu, 12 Jan 2012 17:04:29 +0000

Jan. 12 – Fannie Mae introduces an unemployment forbearance program to assist unemployed borrowers. eFannieMae.com

Fannie Mae Reminds Servicers On HOPE Hotline Counseling Reimbursement

admin — Thu, 12 Jan 2012 17:00:59 +0000

Jan. 12 - Fannie Mae reminds servicers about HOPE Hotline reimbursement requests. eFannieMae.com

Read Our 2012 January Newsletter

admin — Wed, 11 Jan 2012 18:45:29 +0000

Jan. 11 – Read our January newsletter with agency updates and notes from our last webinar. MCA.com

MCA Monthly Compliance Update – January 2012

admin — Wed, 11 Jan 2012 17:22:10 +0000

MCA Monthly Compliance Update

January 2012

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Industry Highlights

Read our notes from our most recent free webinar series, “Looking Back & Planning Ahead”. The new year has arrived, and it’s time to comply with old and new regulations. Review mortgage compliance in 2011, and how we may expect to comply in 2012.

To view the webinar presentation for “Looking Back & Planning Ahead”, follow the link below:

Looking Back & Planning Ahead Presentation

Compliance Updates

Jan. 6 – Freddie Mac revises requirements announced in Bulletin 2011-22. FreddieMac.com

Jan. 3 – HUD addresses large loan risk mitigation policies. HUD.gov

Dec. 30 – Fannie and Freddie announce guaranty fee increase effective April 1, 2012. eFannieMae.com FreddieMac.com

Dec. 29 – VA announces final change to regulation for modifying VA guaranteed home loans. VA.gov

Dec. 29 – VA announces value adjustments and the requirement for interior photos of subject properties.
VA.gov

To see all the latest mortgage compliance news and updates, visit our News & Resources page.

Deadlines

January 1, 2012

Fannie Mae: Mortgage Loans Delivered to use Revised Form 2100 03/06 (rev 12/10)

In order for lenders to deliver mortgage loans secured by properties on community land trusts, they must use the appropriate Fannie Mae ground lease rider. Fannie Mae has revised its standard community land trust ground lease rider for use with the NCLTN 2011 CLT Network Model Ground Lease and with the ICE Model Ground Lease.

The new version of Fannie Mae’s ground lease rider is labeled the Community Land Trust Ground Lease Rider, Form 2100 3/06 (rev 12/10). Lenders may use Form 2100 3/06 (rev 12/10) with either the NCLTN 2011 CLT Network Model Ground Lease or the ICE Model Ground Lease. Lenders should be certain that their community land trust partners have approved the use of the 12/10 version of Form 2100 before the 3/06 version is retired 12/31/2011. Loans delivered after 12/31/2011 must use the 12/10 version of Form 2100.

For details on this subject matter, please follow the link eFannieMae.com

March 19, 2012

Freddie Mac: Mortgages Delivered On Or After 3/19/12 To Be In MISMO v3.0 Format

March 19, 2012

Freddie Mac: Requiring Appraisal Color Photographs

March 19, 2012

Freddie Mac: Retiring MIDANET

Freddie Mac is retiring MIDANET for delivery and removing references to it from the Guide. Visit FreddieMac.com for more information.

Events

February 5-8, 2012

MBA’s CREF/Multifamily Housing Convention & Expo

Atlanta, GA

For more information, visit mbaa.org

February 21-24, 2012

MBA’s National Mortgage Servicing Conference & Expo

Orlando, FL

To learn more, visit mbaa.org

Get important compliance updates right away! Follow and Friend us on Twitter and Facebook.

Fannie Mae Announces Guaranty Fee Increase

admin — Sat, 31 Dec 2011 00:12:19 +0000

Dec. 30 – Fannie Mae announces guaranty fee increase effective April 1, 2012. eFannieMae.com