MetaSource Mortgage Blog

MCA Monthly Compliance Update – June 2013

Tuesday, June 04, 2013

Welcome to the 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.

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Compliance Updates

  • May 24 – State Housing Finance Agencies use Hardest Hit Program Funds (HHF) to support HARP.
  • May 24 – Fannie Mae postpones effective date for lender-placed property insurance requirements.
  • May 23 – Fannie Mae temporarily extends repurchase requirement to 90 days until June 30, 2012.
  • May 16 – Freddie Mac updates selling requirements on SSN validation, Relief Refinance Mortgages, and
  • May 9 – Fannie Mae provides new document custodian requirements regarding compliance audits and certification practices.


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

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.


June 6, 2012
MBA Workshop: Federal Housing Administration (FHA) Update
Online Webinar

June 19, 2012
MBA Workshop: Anti-Money Laundering & SAR for Nonbank
Online Series

June 28, 2012
MBA Workshop: REO Webinar Series, Part I – REO overview
Online Series


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