Mortgage Compliance Advisors - Your One Stop for Quality Control Services and Resources » Mortgage QC plan

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

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www.MortgageComplianceAdvisors.com

Freddie Mac Announces ULDD Updates

admin — Wed, 01 Feb 2012 17:31:00 +0000

Feb. 1 – Freddie Mac announces updates to ULDD. FreddieMac.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

VA Announces 2012 County Loan Limits

admin — Mon, 30 Jan 2012 20:30:08 +0000

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

VA Extends Rescission Date On Circular 26-09-15

admin — Thu, 19 Jan 2012 17:37:45 +0000

Jan. 19 – The VA extends rescission date on basic circular 26-09-15. VA.gov

VA Extends Rescission Date On Circular 26-09-12

admin — Thu, 19 Jan 2012 17:31:44 +0000

Jan. 19 - The VA extends the rescission date on basic circular 26-09-12. VA.gov

Moody’s Reports Loan Modifications Decline & Increasing Short Sales

admin — Wed, 18 Jan 2012 17:17:39 +0000

According to a forecast from Moody’s Investor Service, residential loan modifications will reportedly decline in 2012. If the forecast proves correct, then this will be the second straight year that loan modifications have plummeted. Moody’s report also shows that when borrowers are not eligible, or re-default on their modifications, short sales will increase. What impact will an increase in short sales have? Well, the report claims that rising short sales will reduce liquidation timelines, and stabilize loss severities. With the overwhelming number of defaulted loans, should we expect better in 2012’s housing market? MortgageServicingNews.com

VA Extends Rescission Date On Circular 26-08-5

admin — Tue, 17 Jan 2012 22:05:13 +0000

Jan. 17 – The VA extends the rescission date on basic circular 26-08-5. VA.gov

VA Extends Rescission Date On Circular 26-09-4

admin — Tue, 17 Jan 2012 22:02:23 +0000

Jan. 17 - The VA extends the rescission date on basic circular 26-09-4. VA.gov