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.
On February 7, 2012, FinCEN finalized requlations requiring non-bank residential mortgage lenders and originators to establish an Anti-Money Laundering (AML) program.
- July 25 – Fannie Mae announces servicing policy changes. eFannieMae.com
- July 20 – Freddie Mac updates its ULDD resources to reflect ULDD requirements. FreddieMac.com
- July 18 – Fannie Mae adjusts its required interest rate for standard modifications. eFannieMae.com
- July 11 – Freddie Mac provides revisions to its Condominium Project review and requirements.FreddieMac.com
- July 3 – HUD extends temporary authority for Multifamily waiver requests. HUD.gov
August 1, 2012
Delivery of Freddie Mac: ULDD Data Points 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 additiondeliveries on or after 8/1/2012, delivery of ULDD data points for all secondary financing associated with mortgages sold to Freddie Mac becomes mandatory.
al information, visit FreddieMac.com
August 13, 2012
FinCEN: Anti-Money Laundering (AML) Policy
The Financial Crimes Enforcement Network (FinCEN) finalized regulations requiring non-bank residential mortgage lenders and originators to establish anti-money laundering programs (AML), and file Suspicious Activity Reports (SARS) which they had previously only required of all banking institutions.
The AML requirement became effective on April 16, 2012 and the AML program effective date for non-bank compliance is August 13, 2012.
For additional information about this requirement or MCA’s AML policy, please view information here.
September 9-11, 2012
Risk Management and Quality Assurance Forum
September 17-18, 2012
MISMO Fall 2012 Educational Summit Track
September 17-21, 2012
MISMO Fall 2012 Educational Summit & Workshop