Join Our Next FREE Webinar:

LO Compensation Policy

Stay Updated

Connect with us:

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.

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Jan
11
2012

Read Our 2012 January Newsletter

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

No Comments »

Jan
11
2012

MCA Monthly Compliance Update – January 2012

MCA Monthly Compliance Update

January 2012

Our Services

Looking Back & Planning Ahead Presentation

LO Compensation Policy

Stay Updated

Connect with us:

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:

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.

No Comments »

Jan
03
2012

HUD Addresses Large Loan Risk Mitigation Policies

Jan. 3 - HUD addresses large loan risk mitigation policies. For more information, visit HUD.gov

No Comments »

Nov
17
2011

RESPA Rated Toughest Compliance Task

Yesterday, Origination News pointed out that of the many financial regulations, RESPA is most complex to comply with. It is believed that RESPA has a variety of interpretations, which make it a daily struggle to comply with. This noted compliance burden may be more than enough incentive for compliance managers to outsource this particular mortgage QC need.

No Comments »

Nov
16
2011

The CFPB Seeks Input for Changes to HUD-1 Settlement Statement

Last week, the CFPB solicited the industry and consumers for their opinions on which draft of the HUD-1 Settlement Statement they prefer. Shown as PDFs, assigned with the titles of Ironwood and Hornbeam, consumers and industry members were prompted to vote for a format. The CFPB plans to test the drafts throughout the country, with the intent to conduct four rounds of testing and revision by February of 2012. To see the two disclosure forms, and draw an opinion for yourself, visit ConsumerFinance.gov.

No Comments »

Jul
12
2011

MCA Monthly Compliance Update – July 2011

July palm trees picture from freestockphotos.biz

MCA Monthly Compliance Update

July 2011

In This Issue

Other Recent Announcements

Our Services

Changes in Adverse Action Disclosure Requirements

LO Compensation Policy

Stay Updated

Connect with us:

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.

New Training Series of Webinars

We asked many of you, “What is your biggest compliance challenge?” And the answer for many was a resounding, “Keeping up with the changes!” As regulations continue to change and it becomes harder to keep up, we recognized the need to offer you more specific trainings.

We are pleased to announce our new Training Series of webinars, to give you the detailed training you need. These webinars will be targeted and concise trainings, based on more specific compliance needs. Our Training Series webinars will be held once a month for 30-45 minutes and include about 15 minutes of Q&A. The Training Series webinars will be offered for a nominal fee. Our first one will be “TILA & MDIA” on July 21.

We will also continue to offer our Free Series once or twice a quarter, where the webinars will be based on more broad overviews of compliance topics. The next free webinar will be “QC Findings Are Done… Now What?” on August 25.

* Watch your inbox for an invitation to these webinars in the next few days.

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Get compliance updates right when they come out, on Twitter and Facebook.

Other Recent Announcements

Here are a few recent announcements that we thought you should know about:

On July 6, 2011, the Federal Reserve Board and the Federal Trade Commission issued rules that will change the adverse action disclosure requirements under Equal Credit Opportunity Act and the Fair Credit Reporting Act. The rule will be effective 30 days from the day the rule is published in the Federal Register.

Announcement on FederalReserve.gov

HUD’s Final Rule Regarding SAFE Act

On June 29, 2011, HUD published the final rule regarding the SAFE Act. The rule details HUD’s oversight responsibility over minimum requirements for state level SAFE Act implementation.

Final rule on OFR.gov

Webinar Questions & Answers

GFE Webinar Q&A

We want to thank everyone who attended our webinar: “GFE Compliance” in June. As promised, we have posted the slides and answers to questions asked.

Download the slides

We have included the first three questions below. *Please visit our website to read all 64 questions and answers.

Question 1 – Discounts are charged in the origination charge. What happens if you have a borrower who agreed to a discount and then changes his mind? If you cannot change the origination charge, how can you fix this?

Answer – If you are including the discount points in your origination charge then you are not allowed to change your origination charge. Discount points can be shown on Box 3 of Block 2 of the GFE. If discounts are listed here, you can change them as the rate changes.

Question 2 – RESPA states that Box 1 and 2 in Important Dates do not change. Is this true? If not, when does it change?

Answer – Question 1 in the Important Dates section will change when loan locking information changes. Question 2 in the Important Dates section will not change and will remain the same on all subsequent re-issues of the GFE.

Question 3 – If the seller is responsible for the transfer tax in our state, is it required to be disclosed on the GFE?

Answer - Please refer to RESPA FAQ (page 34 quesiton 2) Q: How is the transfer tax disclosed in Block 8 of the GFE?
A: The amount the borrower is likely to pay for transfer taxes is disclosed in Block 8 of the GFE. In some areas this amount, as a matter of practice, is governed by state or local laws. If state or local law is unclear or does not specifically attribute transfer tax to a seller or borrower, the amount to be disclosed on the GFE is governed by common practice or experience in the locality of the property.

If the seller is paying a portion of the transfer tax that was not disclosed on the GFE, then that portion should be listed in the seller’s column in the 1200 series on the HUD-1. …Read the rest of the questions and answers on our website.

HUD/FHA Update

ML 2011-20: Termination of the HOPE for Homeowners (H4H) Program

- Provides instructions on how to process cases during phasing out of HOPE for Homeowners (H4H) Program.

ML 2011-21: Revised Instructions for Preparing American Land Title Association (ALTA)/American Congress on Surveying and Mapping (ACSM) Land Title Survey for HUD Multifamily Housing Programs

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- Revises instructions for preparing ALTA/ACSM Land Title Survey for Multifamily programs.

ML 2011-22: Condominium Approval Process for Single Family Housing – Consolidation and Update of Approval Requirements

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- Updates requirements and procedures of Condominium Approval Process.

ML 2011-23: Unemployment Special Forbearance: Temporary Program Changes and Clarifications

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- Temporarily amends Type I special forbearance program for unemployed borrowers.

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To view all HUD Mortgagee Letters for the year, visit HUD’s website.

Fannie Mae Update

SVC-2011-07: Updates to Foreclosure Time Frames and Imposition of Compensatory Fees

- Communicates expectations regarding max allowable time frame to complete foreclosure process, and imposition of compensatory fees.

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SVC-2011-08: Delinquency Management and Default Prevention

- Announces new servicer requirements to:

Simplify servicing process
Help servicers contact delinquent borrowers more effectively
Determine eligibility and offer foreclosure prevention alternatives

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SVC-2011-09: Servicing Fees on Modified Mortgage Loans and Mortgagee Clause for Loans Registered with MERS

- Describes policy changes to:

Servicing fees on modified mortgage loans
Clarification of mortgagee clause for loans registered with MERS

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Servicing Notice, dated 6/10/11: Hawaii Legislative Changes Affecting Non-Judicial Foreclosures

- Announces that Fannie Mae foreclosures in Hawaii must be commenced as judicial foreclosures

- and all pending Fannie Mae non-judicial foreclosures in Hawaii that haven’t been proceeded to sale should be dismissed and converted to judicial foreclosures

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SVC-2011-10: June 2011 Servicing Guide Update

- Announces release of updated Servicing Guide.

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LL-2011-04: Extension of HOPE Hotline Borrower Counseling Reimbursement

- Extends time period for servicers to request reimbursement for HOPE Hotline counseling.

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SVC-2011-11: Updates to Delinquency Status Codes

- Updates Fannie Mae’s policy on delinquency status reporting.

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SVC-2011-12: Mortgage Insurance Coverage and Confirmation of Repurchase Policies and Remedies for Warranty Violations

- Reminds lenders to ensure that required mortgage insurance is maintained

- Provides new requirements for reporting notifications of mortgage insurance rescissions, mortgage insurer-initiated cancellations, and claim denials

- Confirms Fannie Mae’s repurchase policies, required timelines and remedies relating to representation and warranty violations

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SEL-2011-05: Selling Guide Updates

- Updates Selling Guide, including:

Delayed financing exception
Removal of reverse mortgages
Misc. condo and co-op updates
Misc. Selling Guide updates
Updates to the Requirements for Document Custodians

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LL-2011-05: Participation in HUD’s Emergency Homeowners’ Loan Program

- Provides guidanceon servicer responsibilities regarding Emergency Homeowners’ Loan Program (EHLP).

Bulletin 2011-11: Servicing Alignment Initiative and Hawaii Legislative Changes Affecting Non-judicial Foreclosures

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To view all Fannie Mae Announcements and Letters for the year, visit

Fannie Mae’s website.

Freddie Mac Update

- Announces Servicing Alignment Initiative

- Provides requirements to process foreclosures in Hawaii, due to recent Hawaii law changes

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To view Recent Freddie Mac Bulletins/Industry Letters, visit Freddie Mac’s website.

VA Update

No recent VA circulars.

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To view VA Circular/News for 2010, visit the VA website.

This information has been taken from various public resources and does not constitute legal advice.

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

No Comments »

Jun
03
2011

MCA Monthly Compliance Update – June 2011

June Butterfly Picture from freestockphotos.biz

MCA Monthly Compliance Update
June 2011

In This Issue

Our Services

https://www1.gotomeeting.com/register/640246888

* LO Compensation Policy *

Stay Updated

Connect with us:

Join our free monthly webinar “GFE Compliance.”

Review how to fill out the GFE correctly and avoid common mistakes.

Join our free webinar on Thursday, June 16 at 1:00 p.m. MDT.

Reserve your webinar seat now at:

More than a year after its implementation, there is still a lot of frustration and confusion about the GFE. We have received many requests for another webinar about the GFE, so we are pleased to announce our next free webinar “GFE Compliance” on:

Thursday, June 16 at 1:00 pm MDT (3:00 pm Eastern)

(*Note: This webinar is one hour later than usual, at 1:00 instead of 12:00.)

Join us as we discuss the following:

How to fill out the GFE properly
What we’ve learned since the new GFE was implemented
Common GFE findings from quality control audits
Q&A session to answer your GFE questions

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Get compliance updates right when they come out, on Twitter and Facebook.

HUD/FHA Update

No recent mortgagee letters.

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To view all HUD Mortgagee Letters for the year, visit HUD’s website.

Fannie Mae Update

LL-2011-03: New Fannie Mae-Approved Mortgage Insurer

- Announces new Fannie Mae-approved mortgage insurer, Genworth Residential Mortgage Assurance Corporation.

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SEL-2011-04: Selling Guide Updates

- Updates selling guide related to:

Deferred student loans
Documentation requirements for retirement accounts
Prohibition of certain mortgage insurance agreements
Resubmission to DU after closing
MERS
Misc. Selling Guide updates

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Servicing Notice, dated 5/26/11

- Announces that Fannie Mae will conduct reapplication process for Retained Attorney Network in 16 states.

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SVC-2011-06: Updates to Imminent Default Definition and Determining Market Value for Preforeclosures

- Updates several servicing policies, including:

Imminent default definition for mortgage loan modifications
Determining property market value for preforeclosure sales and deeds-in-lieu of foreclosure

Bulletin 2011-9: Servicing

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To view all Fannie Mae Announcements and Letters for the year, visit

Fannie Mae’s website.

Freddie Mac Update

- Makes changs to servicing requirements, or updates:

Mortgage clause notice
Designated counsel for DC and WV
Short payoff remittance requirements
Mortgage data ownership and usage
Servicing in accordance with applicable law
Guide updates

Bulletin 2011-10: Selling and Servicing

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- Updates certain selling and servicing requirements related to:

Mortgage eligibility and credit underwriting
Property eligibility and appraisal requirements
MERS requirements

Circular 26-11-7: SAHSHA Data and GWOT Reporting

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To view Recent Freddie Mac Bulletins/Industry Letters, visit Freddie Mac’s website.

VA Update

- Reminds Loan Guaranty personnel to keep accurate and timely records in SAHSHA.

- Reminds staff to maintain Loan Guaranty reports that track designated participants in Global War on Terrorism (GWOT).

Circular on VA.gov

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Circular 26-11-8: Elimination of the Prior Loan Validation Requirement

- Announces that Prior Loan Validation (PLV) is no longer required on VA Interest Rate Reduction Refinance Loans (IRRLs).

Circular on VA.gov

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To view VA Circular/News for 2010, visit the VA website.

This information has been taken from various public resources and does not constitute legal advice.

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

No Comments »

Mar
03
2011

MCA Monthly Compliance Update – March 2011

MCA Monthly Compliance Update

March 2011

In This Issue

Our Services

Quality Control Plan Implementation

https://www1.gotomeeting.com/register/991690536

Stay Updated

Connect with us:

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

Join our free monthly webinar “Compliance Q&A Webinar.”

We need your questions: Please send us your compliance questions for our upcoming webinar.

Get answers to your questions about RESPA/GFE, TIL, QC Plans, etc.

Join our free webinar on Thursday, March 17 at 12:00 p.m. MDT.

Reserve your webinar seat now at:

Many of you requested a webinar just for Q&A, and we are pleased to announce our first webinar dedicated solely to answering your mortgage compliance questions. Join us on March 17 for your chance to take advantage of our combined compliance knowledge and resources. Since this webinar will be customized to answer your questions, it is vital that we receive your questions in advance. This will also help us prepare resources for you and others during the webinar.

*We need questions prior to the webinar. Please email your questions to info@mortgagecomplianceadvisors.com or submit them in the “Questions & Comments” box during registration. Thank you.

We will be happy to answer your questions about:
-  RESPA/GFE
-  TIL
-  QC Plans
-  Other

Who should attend?
This FREE webinar is designed for mortgage compliance professionals. Feel free to forward this registration link to your colleagues who also work in compliance/QC.

(You will receive a link to the SLIDES in a reminder email sent ONE HOUR before the webinar starts.)

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For real time compliance news, you can now follow us on

Twitter and Facebook.

Audit Update

Did you know…?

Brokers are not required to issue an initial TIL or initial Servicing Disclosure Statement.

In accordance with RESPA and TILA, we will not issue a finding to brokers if these documents are not in the file. Check out the regulations:

Servicing Disclosure Statement: Delivery. The lender, table funding mortgage broker, or dealer that anticipates a first lien dealer loan shall deliver the Servicing Disclosure Statement within 3 business days from receipt of the application by hand delivery, by placing it in the mail, or, if the applicant agrees, by fax, e-mail, or other electronic means. In the event the borrower is denied credit within the 3 business-day period, no servicing disclosure statement is required to be delivered …Read the rest on our website.

Webinar Questions & Answers

QC Plan Webinar Q&A

We want to thank everyone who attended our webinar: “Essentials of a Compliant QC Plan.” As promised, we have posted the slides and answers to the questions asked.

Download the slides

We have included the first three questions below. *Please visit our website to read all 10 questions and answers.

Question 1 – How do you go about verifying assets?

Answer – You would attempt to get the company to verify the information you have in your file is correct, via new VOD or phone conversation. You will want to assure that the asset documentation has not been forged or altered in any way.

Question 2 – We are a broker and most of our lenders will require a quarterly audit of our FHA loans. You mentioned the detailed QC Plan reviews are trickling downhill. Do you foresee lenders requiring their approved brokers to do more than the 10% of FHA loans being audited? The FHA loans are all we’re auditing at this time. Do we need to include all of our other loan types?

Answer – I do not anticipate any lenders requiring more than the FHA required 10% selection. We are certainly seeing a bigger focus on Quality Control from all lenders and agencies. You are only required to audit files if your investors or licensing agencies require it. However, I would recommend you QC at least 10% of all your loans. This will give you a good baseline of the quality and risk level of all the loans you originate.

Question 3 – What is acceptable to meet occupancy certification requirements?

Answer - There is not guidance on this topic. However, if audited, you will need to justify that a satisfactory attempt to verify occupancy was conducted. …Read the rest of the questions and answers on our website.

HUD/FHA Update

ML 2011-09: Home Equity Conversion Mortgage (HECM) Counseling: Waiver of HECM Counseling Fees and Activities Included in the Time Recorded Portion of the HECM Counseling Certificate

- Provides guidance to counselors and lenders regarding:

When HECM counseling fee should be waived
Activities performed by HECM counselor that are included in amount of time recorded on form HUD-92902
Allowing agencies to establish counseling fees based on certain criteria

Entire letter on HUD.gov

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ML 2011-10: Annual Mortgage Insurance Premium Changes and Guidance on Case Numbers

- Introduces 25 basis point increase to Annual Mortgage Insurance Premiums, effective 4/18/11

- Provides guidance on validity period of case numbers and new requirements for requesting them

Entire letter on HUD.gov

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ML 2011-11: FHA Refinance Transactions

- Clarifies and updates existing guidance about FHA refinance transactions. Entire letter on HUD.gov

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ML 2011-12: Tier Ranking Scores – Incentive Round 42

- Announces FHA servicing lenders’ tier rankings for Round 42. Entire letter on HUD.gov

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ML 2011-13: Revision of ML 10-30, Extension of Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223 (f)

- For Multifamily Mortgagees: Extends temporary authority from ML 2010-21 until February 17, 2012. Entire letter on HUD.gov

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ML 2011-14: Subordination, Non-Disturbance and Attornment Agreements

- For Multifamily Mortgagees: Provides guidance on use of Subordination, Non-Disturbance and Attornment Agreements (SNDA) for commercial leases in certain FHA insured projects… Entire letter on HUD.gov

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To view all HUD Mortgagee Letters for the year, visit HUD’s website.

Fannie Mae Update

Notice, dated 2/10/11: Termination of Relationship with Ben-Ezra & Katz Law Firm

- For Florida mortgages: Servicers may not refer any future Fannie Mae matters to the Ben-Ezra & Katz law firm. Announcement on eFannieMae.com

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LL-2011-02: Mortgage Loan Data Requirements Update

- Updates lenders on status of Federal Registry requirements for originators and related Fannie Mae delivery data requirements. Announcement on eFannieMae.com

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SVC-2011-02: Updates to the Mandatory Retained Attorney Network

- Adds 14 new jurisdictions to mandatory retained attorney network… Announcement on eFannieMae.com

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To view all Fannie Mae Announcements and Letters for the year, visit

Fannie Mae’s website.

Freddie Mac Update

Bulletin 2011-3: Freddie Mac Service Loans Application Terms and Conditions for Use

- Gives terms and conditions for use of Service Loans application, which are added to Guide Chapter A50. Bulletin on FreddieMac.com

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Bulletin 2011-4: Selling and Servicing

- Lowers max LTV, TLTV, and HTLTV ratios to 95% for all conventional mortgages

- Provides additional guidance for treatment of sales concessions, etc. …

Circular 26-11-4: Loan Guaranty Regulatory Update

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To view Recent Freddie Mac Bulletins/Industry Letters, visit Freddie Mac’s website.

VA Update

- Announces completion of VA’s Loan Guaranty regulatory restructuring in Title 38 of Code of Federal Regulations (CFR), part 36. Entire circular on VA.gov

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Circular 26-11-5: New Loan Modification Regulation

- Announces primary changes for modifying VA loans resulting from a recent regulatory revision. Entire circular on VA.gov

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To view VA Circular/News for 2010, visit the VA website.

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