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  

MCA performed its FREE series webinar on Pre-Funding QC just last week.  It’s not too late to learn why agencies and investors are requiring Pre-Fund reviews, and how performing such a QC process could help your organization. Download The Presentation Here  

Compliance Updates

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

June 30, 2012 

Freddie Mac: Sellers/Servicers To Maintain Acceptable Net Worth 

Sellers and servicers will be required to maintain an acceptable net worth of $2.5 million.  This should additionally include a dollar amount equal to 0.25% of their Representation and Warranty Unpaid Principal Balance.

The Unpaid Principal Balance aforementioned is the aggregate unpaid principal balance as of the last day of each calendar month for all Mortgages and REO for which a seller/servicer is currently liable to Freddie Mac for.

For details, visit FreddieMac.com 

August 1, 2012 

Freddie Mac: Delivery of ULDD Data Points Mandatory  

For deliveries on or after 8/1/2012, delivery of ULDD data points for all secondary financing associated with mortgages sold to Freddie Mac becomes mandatory.   

Until the effective date, parties may provide the ULDD Data Points either for concurrently originated secondary financing only, or for all secondary financing associated with the mortgage.  It is encouraged that information for all secondary financing be provided for mortgages delivered on and after March 19, 2012.

For additional information, visit FreddieMac.com  

Events

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

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  

It is here… MCA’s new website, that is! With a new, cleverly designed website, we’ve been able to provide you with a tool that allows for enhanced mortgage compliance education and training resources.  Click here to begin utilizing this client-centric value.

Compliance Updates

Mar. 6 - Fannie Mae guides servicers regarding TAPs and HHF programs. 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 Document Custody Workshop

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

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.