MetaSource Mortgage Blog

MCA Monthly Compliance Update – April 2012

Monday, April 30, 2012

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

  • Apr. 23 - Fannie Mae issues Servicing Notice for payment of vendor fees. eFannieMae.com
  • Apr. 17 - Freddie Mac adds new requirements concerning communication time lines for HAFA Short Sales. FreddieMac.com
  • Apr. 11 - Fannie Mae announces Servicer requirement to clear delinquent HOA dues and assessments. eFannieMae.com
  • Apr. 11 - Fannie Mae updates notice on City of Chicago Ordinance. eFannieMae.com
  • Apr. 3 – HUD introduces new loan servicing contractor, DEVAL, LLC. HUD.gov

Deadlines

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

May 6-9, 2012
MBA’s Secondary Market Conference & Expo
New York, NY

May 9-10, 2012
MBA’s Commercial/Multifamily HR Roundtable
Cleveland, OH

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