Pre-Funding Reviews

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

Feb. 1 – Freddie Mac announces updates to ULDD.

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.

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.

MBA’s CREF/Multifamily Housing Convention & Expo

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

Pre-Funding Reviews

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

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.

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

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.

MBA’s CREF/Multifamily Housing Convention & Expo

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