MetaSource Mortgage Blog

MCA Monthly Compliance Update – March 2012

Thursday, March 08, 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

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
  • Mar. 6 - HUD announces changes to Up-Front MIP and FHA Single-Family Annual MIP. HUD.gov
  • Mar. 1 - HUD provides new guidance on miscellaneous underwriting issues. HUD.gov
  • Mar. 1 - Freddie Mac announces 10 BPS guarantee fee increase. FreddieMac.com
  • Mar. 1 - Fannie Mae updates the selling guide for Premium Pricing changes and more. eFannieMae.com

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


FreddieMac.com

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

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

April 12-13, 2012
MBA’s Document Custody Workshop
Washington, DC

April 18-19, 2012
MBA’s National Advocacy Conference
Washington, DC

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