MetaSource Mortgage Blog

MCA Monthly Compliance Update – July 2012

Monday, July 09, 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

In just a month, non-banks are expected to comply with FinCEN requirements to establish an anti-money laundering (AML) program, and file Suspicious Activity Reports (SARS). Effective date for non-bank compliance is August 13, 2012. To learn more

Compliance Updates

  • June 27 – Fannie Mae reminds servicers of requirement to send and maintain copy of Adverse Action Notice.
  • June 26 – Fannie Mae updates The Selling Guide to include changes on various topics.
  • June 20 – HUD provides changes relating to title approval at conveyance.
  • June 20 – Fannie Mae updates its Loan Modification Agreement, Form 3179.
  • June 19 – Effective July 16, 2012, Fannie Mae will not purchase or securitize mortgages on properties encumbered by private transfer fee covenants created on or after February 8, 2011.


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

NEW 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 send queries here.


July 12, 2012
LIVE Online Workshop: REO Webinar Series, Part II:
Acquisition To Market

July 26, 2012
LIVE Online Workshop: REO Webinar Series, Part III:
Listing To Sale

August 2, 2012
LIVE Online Workshop:
Alternatives To Securitization


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