Texas Enacts Provisions Regarding Spousal Maintenance Agreements | Tue, 18 Jun 2013 15:00
The state of Texas enacted provisions relating to the enforcement of spousal maintenance agreements and property distribution agreements incident to divorce or settlement. These provisions are effective on September 1, 2013.

Texas Revises Provisions Regarding Nationwide Mortgage Licensing System | Tue, 18 Jun 2013 14:57
The state of Texas revised its provisions relating to the use of the Nationwide Mortgage Licensing System and Registry in connection with the regulatory authority of the Consumer Credit Commissioner; and providing that the Commissioner may use the nationwide registry as a channeling agent for obtaining information required for licensing or registration purposes, including criminal history record information from the Federal Bureau of Investigation. These provisions are effective on September 1, 2013.

Texas Amends Provisions Regarding Notice of Sale | Tue, 18 Jun 2013 14:54
The state of Texas amended its provisions relating to the procedures for expedited judicial foreclosure proceedings. These provisions are effective on September 1, 2013.

Texas Modifies Provisions Regarding Authorized Charges for Consumer Loans | Tue, 18 Jun 2013 14:35
The state of Texas modified its provisions relating to authorized charges for certain consumer loans; providing that interest under the scheduled installment earnings method or true daily earnings method may not be compounded; providing that an administrative fee is not interest; providing for a maximum administrative fee for a loan contract that is greater than the maximum authorized amount; providing for alternate interest charge computation methods; and providing for installment accounts. These provisions are effective on September 1, 2013.

Oregon Adds Provisions Regarding Security Freezes on Protected Consumer Reports | Tue, 18 Jun 2013 14:28
The state of Oregon added provisions permitting a consumer to request that consumer reporting agency place, temporarily lift or remove security freeze on protected consumer's consumer report if consumer provides sufficient proof of consumer's authority to act on protected consumer's behalf. These provisions are effective immediately with an operative date of September 5, 2013.

Oklahoma Adopts Provisions Regarding Truth in Lending Rules | Tue, 18 Jun 2013 14:25
The Oklahoma Department of Consumer Credit adopted rules that incorporates federal changes to Regulation Z for purposes of maintaining Oklahoma's exemption from federal enforcement of the consumer credit disclosure provisions of the Truth in Lending Act and Regulation Z; implements the enhanced mortgage disclosure requirements that were incorporated into the Uniform Consumer Credit Code by House Bill 2742, which became effective July 1, 2012; and amends the dollar threshold amount for exempt transactions to correspond with revisions made to the Uniform Consumer Credit Code and Regulation Z. These provisions are effective on July 1, 2013.

M and T Correspondent - FHA Streamline & HPML | Tue, 18 Jun 2013 13:26
Announces that the FHA changes effective June 3, 2013, may result in mortgages that exceed the Higher Priced Mortgage Loan (HPML) standard outlined in Regulation Z. If a loan transaction is determined to be a Higher Priced Mortgage Loan (HPML), additional requirements will be imposed for Non-Credit Qualifying FHA Streamline Refinances.

M and T Broker - FHA Streamline & HPML | Tue, 18 Jun 2013 13:25
Announces that the FHA changes effective June 3, 2013, may result in mortgages that exceed the Higher Priced Mortgage Loan (HPML) standard outlined in Regulation Z. If a loan transaction is determined to be a Higher Priced Mortgage Loan (HPML), additional requirements will be imposed for Non-Credit Qualifying FHA Streamline Refinances.

Pacific Union Financial Correspondent - FHA Updates and Clarifications | Tue, 18 Jun 2013 12:15
Announces FHA updates and clarifications to the following:

• Streamline Refinance Transactions
• Minimum Cash Investment – Government Entities
• Commission Income
• Non-Traditional Credit
• Property Requirements

NYCB Mortgage Company LLC - Natural Disaster Alerts | Tue, 18 Jun 2013 11:08
Announces an update to Section 13.11.58 Natural Disaster Areas to include disaster areas as declared by FEMA.

Wells Fargo Funding Correspondent - Multiple Topics | Tue, 18 Jun 2013 09:42
Announces updates to the following:

• Title XIV of Financial Reform: Representations and Warranties Updates for Loan Originator Compensation Requirements under the Truth in Lending Act
• Updated Gift of Equity Requirements – Conventional Loans
• Conventional Conforming 5/1 ARM Adjustment Cap Structure – Effective August 19, 2013
• Clarification: Purchase Eligibility for Loans Secured by Property in a Special Flood Hazard Area (SFHA)

US Bank Broker - FHA Changes May Trigger HPMLs | Tue, 18 Jun 2013 08:02
Announces recent changes to the FHA's mortgage insurance premium structures are causing a greater number of FHA loans to become Higher Priced Mortgage Loans (HPMLs). Specific HPMLs will be eligible for Origination/Purchase.

Homeward Residential Capital Correspondent - Natural Disaster Notification | Mon, 17 Jun 2013 12:14
Announces an update to the Natural Disaster Notification spreadsheet for FEMA declared Major Disaster (DR-4117) for Oklahoma on 5/20/2013 which allowed for Individual and Public Assistance.

FTC Publishes Revised Business Guide Regarding Red Flags Rule | Mon, 17 Jun 2013 11:57
The Federal Trade Commission published a revised business guidance regarding the Identity Theft Red Flags Rule. The guidance outlines which businesses, financial institutions and creditors are covered by the Rule and what is required of businesses to protect consumers from identity theft. The guidance for Identity Theft Red Flags is linked below.

Ginnie Mae Delays Effective Date of Revised Manual | Mon, 17 Jun 2013 11:37
Ginnie Mae delays the effective date of the revised Document Custodian Manual, Appendix V-1 to the Mortgage-Backed Securities Guide 5500.3 REV-1. Originally the revised Manual was effective for pool issuances on or after June 1, 2013. Ginnie Mae is delaying the effective date of the revised Manual to January 1, 2014.

Nevada Revises Provisions Regarding Foreclosure Mediation Program | Mon, 17 Jun 2013 11:29
The state of Nevada revised its provisions regarding the foreclosure mediation program including governing enrollment in the program; and monitoring the foreclosure of liens by an association of a common-interest community. These provisions are effective immediately on October 1, 2013.

Florida Modifies Provisions Regarding Mortgage Broker Licensing | Mon, 17 Jun 2013 11:26
The state of Florida modified its provisions relating to the licensure that authorizes, rather than requires, the Office of Financial Regulation to deny a mortgage broker license application if the applicant had a mortgage broker license revoked previously. These provisions are effective on October 1, 2013.

EverBank Broker - Freddie Mac Products - Maximum Debt to Income Ratio | Mon, 17 Jun 2013 10:09
Announces a change in eligibility for the Freddie Mac products offered by EverBank®.

HUD Reinstates Notice H 2011-33 | Mon, 17 Jun 2013 09:57
Reinstates Notice H 2011-33, Purchaser Financing and Closing Costs Payable by HUD in Connection with Competitive Sales of HUD-owned Single Family Properties.

FHA Single Family Requests Comments on Proposed Tier Ranking System II | Mon, 17 Jun 2013 09:07
Requests comments on proposed revisions to the Federal Housing Administration (FHA) Tier Ranking System (TRS). Comments on the proposed changes to the TRS can be submitted prior to the end of the 30-day period following publication of Mortgagee Letter 2013-21.

SunTrust Correspondent - New VA Guidance | Mon, 17 Jun 2013 07:59
Announces additional guidance to assist correspondent lenders to determine if borrowers, with restructured mortgage loans in their credit history, are eligible for financing under the VA Loan Program.

SunTrust Broker - New VA & RD Guidance | Mon, 17 Jun 2013 07:42
Announces additional guidance to assist wholesale brokers to determine if borrowers, with restructured mortgage loans in their credit history, are eligible for financing under the Veterans Administration (VA) and Rural Development Guaranteed Rural Housing (RD) Loan Programs.

Fannie Mae Multifamily Issues Guide Update 13-03 | Mon, 17 Jun 2013 07:27
Fannie Mae issues Guide Update 13-03 which announces changes to underwriting requirements affecting Small Mortgage Loans in the Multifamily Selling and Servicing Guide ("the Guide") Part IIIB, Chapter 9 - Small Loans.

Freddie Mac Announces Guide Bulletin 2013-10 (Servicing) | Fri, 14 Jun 2013 14:38
With this Single-Family Seller/Servicer Guide ("Guide") Bulletin, Freddie Mac is making revisions and updates to its Servicing requirements, including:

• Announcing the Hurricane Sandy Exterior Property Inspection Reimbursement Template, which must be submitted to Freddie Mac by September 16, 2013 for reimbursement of property inspections for Mortgaged Premises located in an eligible Disaster Area, as defined in Bulletin 2012-29, as a result of Hurricane Sandy
• Setting forth the parameters under which Servicers may utilize bulk trial foreclosures as an alternative foreclosure process for foreclosure actions in Florida
• Updating the requirements for requests related to the preservation of deficiency rights
• Revising the FICO^® score seasoning requirements for Freddie Mac Standard Short Sales ("short sales") and Deeds-in-Lieu of Foreclosure (DIL)
• Revising the property inspection and closing requirements for DILs
• Adding a Multiple Listing Service (MLS) requirement for short sales
• Removing, in most instances, the requirement that the Servicer obtain a copy of the Borrower's tax transcript or the Borrower's most recent signed federal income tax return to be evaluated for the Home Affordable Modification Program (HAMP^®)
• Updating the Guide with respect to repurchases of Mortgages to require Servicers to cancel related records of HAMP modifications or HAMP Trial Period Plans in the HAMP Reporting Tool
• Revising the State Housing Finance Agency (HFA) unemployment assistance program requirements developed in connection with the Treasury's Innovation Fund for the Hardest Hit Housing Markets or Hardest Hit Fund ("HHF") initiative
• Announcing the retirement of Investor Accounting Manager^SM (IAM), effective September 16, 2013

Green Tree Correspondent – Jumbo Updates | Fri, 14 Jun 2013 13:48
Announces the following updates to their Jumbo Products that are effective June 13, 2013:

• Types of Financing – Rate & Term Refinance
• LTV/CLTV Limitations – LTV Reduction
• Tax Service Fee

Nationstar Mortgage Correspondent – Seller Guide Updates | Fri, 14 Jun 2013 13:43
Announces Seller Guide updates effective June 6, 2013.

Plaza Home Mortgage Broker - VA IRRRL, FHA Fixed & ARM Updates | Fri, 14 Jun 2013 09:27
Announces updates to the following topics:

• VA IRRRL Program
• FHA Fixed and ARM Program
• Reverse Mortgages

Flagstar Wholesale Lending – FHA Credit Score Reductions | Fri, 14 Jun 2013 09:10
Announces credit score reductions for FHA streamline refinances from other servicers and FHA purchase transactions, effective Friday, June 14, 2013.

Green Tree Broker - Jumbo Updates | Fri, 14 Jun 2013 08:23
Announces the following updates to their Jumbo Products that are effective June 13, 2013:

• Types of Financing - Rate & Term Refinance
• LTV/CLTV Limitations - LTV Reduction
• Tax Service Fee

BB&T Correspondent - Lending Guide Updates | Fri, 14 Jun 2013 07:36
Announces updates on the following topics:

• Age of Credit Documents and Appraisals
• Significant Adverse or Derogatory Credit
• National Mortgage Insurance Corporation Eligible Mortgage Insurer

Interbank Mortgage Broker – Oklahoma Counties Declared Disaster Areas | Fri, 14 Jun 2013 07:13
Announces counties in Oklahoma which were declared disasters by FEMA and recaps appraisal policies for properties in these counties.

Interbank Mortgage Correspondent - Oklahoma Counties Declared Disaster Areas | Fri, 14 Jun 2013 07:12
Announces counties in Oklahoma which were declared disasters by FEMA and recaps appraisal policies for properties in these counties.

FHA Single Family Clarifies Good Neighbor Next Door Sales Program | Thu, 13 Jun 2013 14:45
The purpose of this Mortgagee Letter is to clarify the following on the Good Neighbor Next Door Sales Program (GNND):

• Clarify that the mortgage insurance premium shall be based on the first mortgage only; and
• Clarify the process for submitting requests for an interruption in the owner-occupancy term.


Freedom Renovation Correspondent - Maximum Qualifying Ratio for FHA/VA Transactions | Thu, 13 Jun 2013 13:33
Announces all FHA and VA product guides are being updated to reflect a policy change to the maximum qualifying ratio.

Freedom Broker - Non-Conforming Jumbo Patriot Program Updates | Thu, 13 Jun 2013 13:31
Announces expanded guidelines for the non-conforming Jumbo Patriot product.

Freedom Broker - Recent Guidance from VA on IRRRL’s | Thu, 13 Jun 2013 13:28
Announces the VA IRRRL Product Guide will be updated to reflect three additional scenarios that outline whether an IRRRL transaction is eligible based on the parties obligated on the new loan.

M and T Broker - FHA Updates & Reminders | Thu, 13 Jun 2013 13:23
Announces updates on the following topics:
• Expanded FHA Community Lending Program
• Reminder: FHA - Seller-Owned Properties owned < 180 days not eligible
• Changes on legal documents for project reviews
• FHA Project Review Reminders


M and T Correspondent - FHA Updates & Reminders | Thu, 13 Jun 2013 13:22
Announces updates on the following topics:
• Reminder: FHA - Seller-Owned Properties owned < 180 days not eligible
• Changes on legal documents for project reviews
• FHA Project Review Reminders


Rushmore Home Loans - Minimum Loan Amount | Thu, 13 Jun 2013 13:19
Announces the removal of a minimum loan amount on several loan programs. This change is effective June 13, 2013.

Associated Mortgage Correspondent - Disaster Counties Update | Thu, 13 Jun 2013 13:01
Announces additional disaster counties have been added in the states of Illinois and Iowa and recaps appraisal and inspection requirements for affected counties.

Nevada Enacts Provisions Regarding Real Property | Thu, 13 Jun 2013 12:39
The state of Nevada added provisions regarding real property by authorizing the owner of a single-family dwelling to request the servicer of a mortgage or deed of trust to produce certified copies of certain loan-related documents under certain circumstances; and authorizing the owner to report noncompliance to certain state regulatory bodies. These provisions are effective immediately.

North Carolina Modifies Provisions Regarding Estates, Trusts and Powers of Attorney | Thu, 13 Jun 2013 12:35
The state of North Carolina modified its provisions of the laws governing estates, trusts, guardianships, powers of attorney, and other fiduciaries. These provisions are effective immediately.

North Carolina Adds Provisions Regarding Counsel Fees | Thu, 13 Jun 2013 12:32
The state of North Carolina added provisions authorizing the clerks of superior court to determine the reasonableness of counsel fees paid to an attorney serving as a trustee in a power of sale foreclosure proceeding. These provisions are effective immediately.

North Carolina Amends Provisions Regarding Marital Property | Thu, 13 Jun 2013 12:29
The state of North Carolina amended the definition of marital property to provide that entireties property is subject to the same burden of proof in rebutting the presumption as all property classified as marital property; and amended the definition of divisible property to clarify that increases and decreases in marital debt means passive increases and passive decreases in marital debt under the laws pertaining to equitable distribution. These provisions are effective on October 1, 2013.

Plaza Home Mortgage Broker - Transferred Appraisals for Conv Loans, Reverse Mtg, & Rural Housing | Thu, 13 Jun 2013 11:53
Announces updates to the following topics:
• Transferred Appraisals for Conventional Loans
• Reverse Mortgages
• Rural Housing Lending
• ARM Product Disclosures


MPF Program Announces Changes to its Premium Recapture Policy | Thu, 13 Jun 2013 09:57
The MPF Program informs PFIs of changes to it’s premium recapture policy.

Chase Correspondent Lending – Limited Condo Review | Thu, 13 Jun 2013 07:28
Announces they are revising their condominium policy for attached properties to indicate Freddie Mac High Balance mortgage are now eligible for Limited Review. This change is effective with Best Efforts loans locked and Mandatory Commitments taken on or after June 17, 2013.

Maine Incorporates Provisions Regarding Fair Credit Reporting Act | Wed, 12 Jun 2013 10:56
The state of Maine incorporated provisions regarding fair credit reporting laws into state law. These provisions are effective on September 18, 2013 (or 90 days after legislature adjournment).

Fannie Mae Addresses Servicer and Responsible Party Obligations for Bifurcated Mortgage Loans | Wed, 12 Jun 2013 10:15
Fannie Mae clarifies existing obligations and introduces new obligations for servicers and responsible parties in connection with bifurcated mortgage loans, including the processes required for the repurchase, make whole payment, or indemnification payment of a bifurcated mortgage loan. The effective date for the policies described in this Announcement is September 1, 2013.

Fannie Mae Announces Miscellaneous Servicing Policy Changes | Wed, 12 Jun 2013 10:13
Announces servicing policy changes and updates for the following:
• Processing and Applying Mortgage Loan Payments
• Obtaining a Property Valuation for Fannie Mae Conventional Mortgage Loan Modifications
• Processing IRS Form 4506-T and Form 4506T-EZ
Servicers are encouraged to implement the policies in this Announcement immediately; however, servicers must implement this policy change for all Borrower Response Packages received on or after August 12, 2013.

CalPERS Announces Changes for Non-Agency Loans | Wed, 12 Jun 2013 08:32
CalPERS announces reporting changes and also provides instructions for the execution of closing documents for Non-Agency loans.

Rhode Island Adopts Rules Regarding Privacy of Consumer Financial Information | Tue, 11 Jun 2013 13:16
The Rhode Island Department of Business Regulation adopted rules and regulations pertaining to the privacy of consumer financial information as well as proposed technical revisions. These provisions are effective immediately.

PHH Mortgage - Various Topics | Mon, 10 Jun 2013 15:04
Conventional underwriting guidelines have been revised to include requirements concerning refinance transactions and real estate taxes. The requirements are effective for Conventional Conforming loans (excluding HARP) registered on or after June 7, 2013.

Oregon Enacts Provisions Regarding Negligence of Foreclosed Properties | Mon, 10 Jun 2013 14:59
The state of Oregon enacted provisions prohibiting the owner of a foreclosed residential real property from neglecting the foreclosed residential real property during period of vacancy; and permitting local government to assess civil penalty for each day during which the owner fails to remedy conditions of neglect. These provisions are effective immediately.

Nevada Modifies Provisions Regarding Real Property Transactions | Mon, 10 Jun 2013 14:56
The state of Nevada modified its provisions governing loans secured by a lien on real property in which investors hold the beneficial interests; and the reconveyance of a deed of trust. These provisions are effective on July 1, 2013.

Nevada Enacts Homeowner's Bill of Rights | Mon, 10 Jun 2013 14:53
The state of Nevada modified its provisions governing the foreclosure of owner-occupied property securing a residential mortgage loan; providing civil remedies for failure to comply with certain provisions governing the foreclosure of owner-occupied property securing a residential mortgage loan; and authorizing a mortgagor in a judicial foreclosure action to elect mediation. These provisions are effective on October 1, 2013.

Nevada Adopts Provisions Regarding Foreclosure of Abandoned Property | Mon, 10 Jun 2013 14:50
The state of Nevada adopted provisions by establishing an expedited process for the foreclosure of an abandoned residential property. These provisions become effective on July 1, 2013, and expire by limitation on June 30, 2017.

Nevada Amends Provisions Governing Certain Loans | Mon, 10 Jun 2013 14:47
The state of Nevada amended its provisions regarding the governing of certain loans and authorizing certain licensees to charge a late fee on a loan in default under certain circumstances. These provisions are effective on October 1, 2013.

Florida Adds Provisions Regarding Consumer Finance Charges | Mon, 10 Jun 2013 14:44
The state of Florida added provisions regarding consumer finance charges by increasing the proportionate loan amounts that are subject to descending maximum rates of interest; increasing the maximum delinquency charge that may be imposed for each loan payment in default for not less than a specified time; and providing penalties. These provisions are effective on July 1, 2013.

Florida Enacts Provisions Regarding Foreclosures | Mon, 10 Jun 2013 14:35
The state of Florida enacted provisions relating to a limitations period for commencing an action to enforce a claim of a deficiency judgment after a mortgage foreclosure action, complaints seeking to foreclose on certain residential properties, timeshare interests, the right of condominium, cooperative or homeowners' association lienholders to move for expedited foreclosure, a restriction on mortgagee requests to order a defendant to make payments or vacate a premises and the liability of persons who wrongly claim to be holders of certain notes. These provisions are effective immediately.

FDIC Issues Final Rule Regarding Definition of Predominantly Engaged in Financial Activities | Mon, 10 Jun 2013 13:50
The Federal Deposit Insurance Corporation (FDIC) is adopting a final rule that establishes criteria for determining if a company is predominantly engaged in "activities that are financial in nature or incidental thereto" for purposes of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"). A company that is predominantly engaged in such activities is a "financial company" for purposes of Title II of the Act ("Title II") unless it is one of the few entities specifically excepted by the Act. A financial company, other than an insured depository institution, may be subject to Title II's orderly liquidation authority if, among other things, it is determined that the failure of the company and its resolution under otherwise applicable law would have serious adverse effects on financial stability in the United States. This final rule is effective on July 10, 2013.

Federal Reserve Issues Interim Final Rule with Request for Comment Regarding Prohibition against Federal Assistance for Swap Entities | Mon, 10 Jun 2013 13:47
The Federal Reserve issued an interim final rule with a request for comment that treats an uninsured U.S. branch or agency of a foreign bank as an insured depository institution for purposes of section 716 of the Dodd-Frank Act and establishes a process by which a state member bank or uninsured state branch or agency of a foreign bank may request a transition period to conform its swaps activities to the requirements of section 716. This interim final rule is effective on June 10, 2013. Comments must be received on or before August 4, 2013.

Penny Mac Correspondent – Streamline Condo Review | Mon, 10 Jun 2013 13:34
Announces Super Conforming condo properties are now eligible for Streamline Review. This change is effective immediately.

Penny Mac Correspondent – Split Premium Mortgage Insurance | Mon, 10 Jun 2013 13:32
Announces they will allow split premium mortgage insurance on conventional loans. This change is effective immediately.

Rushmore Home Loans - Enhancements to Rushmore Lending Guide | Mon, 10 Jun 2013 13:11
Announces enhancements to the Lending Guide, effective immediately.

CFPB Publishes Small Entity Compliance Guides for LO and Mortgage Servicing Rules | Mon, 10 Jun 2013 08:23
The Bureau of Consumer Financial Protection (CFPB) published the Small Entity Compliance Guide for the Loan Originator and Mortgage Servicing Rules. The guides provide an overview of the rules in a plain language and FAQ format. The Small Entity Compliance Guides are linked below.

EverBank Correspondent - Federal Disaster Area Appraisal Policy | Fri, 07 Jun 2013 13:49
Revises Disaster Bulletin #2013-02, issued May, 7, 2013, to include additional areas declared as affected by a major disaster and the following counties for New Illinois: Brown, Calhoun, Clark, Douglas, Pike, Whiteside and Winnebago. As a result of this announcement, the EverBank Federal Disaster Policies as outlined in this bulletin must be followed.

Freedom Renovation Correspondent - Seller Guide Updates | Fri, 07 Jun 2013 13:47
Announces the following updates:
• FHA Flip Transactions
• Escrow Reconciliation Reminder
• Note Endorsement
• Carbon Monoxide Detectors
• FHA/VA ARM Change Dates


Wells Fargo Funding Correspondent - Disaster Policy Effective for Properties in Canadian County, Oklahoma | Fri, 07 Jun 2013 13:44
Announces Wells Fargo’s Disaster Policy in response to tornadoes in Oklahoma. Effective immediately, properties located within listed ZIP codes in Canadian county are impacted and must follow the Disaster Policy.

BOK Financial Correspondent - Natural Disaster Procedures | Fri, 07 Jun 2013 12:02
Announces the Natural Disaster Procedure Policy for loans secured by property located within a Federally Declared Disaster Area, based on information from FEMA, State or other available resource.

Quicken Loans Mortgage Services Correspondent – ARM Basics | Fri, 07 Jun 2013 09:28
Provides a recap of ARM basics.

BB&T Correspondent - At Risk Markets Update | Fri, 07 Jun 2013 08:33
Announces their At Risk Markets List has been updated and will be available in the BB&T Correspondent Lending Library under “Matrices” as soon as possible.

Quicken Loans Mortgage Services Broker - ARM Basics | Fri, 07 Jun 2013 07:38
Provides a recap of ARM basics.

Oregon Adds Provisions Regarding Foreclosure of Residential Trust Deeds | Thu, 06 Jun 2013 16:14
The state of Oregon added provisions regarding the foreclosure of residential trust deeds by requiring that a beneficiary must request a resolution conference with the grantor for the purposes of negotiating foreclosure avoidance measure, unless the beneficiary is eligible to claim exemption from the requirement; specifying the manner in which the beneficiary must request the resolution conference; permitting the grantor to request the resolution conference under certain circumstances; identifying the documents that the beneficiary and grantor must provide; and indicating the procedure for and the duties of the beneficiary and grantor. These provisions become effective immediately with an operative date of August 4, 2013.

Oregon Amends Provisions Regarding Exemption Requirements for MLOs | Thu, 06 Jun 2013 16:12
The state of Oregon amended its provisions for exempt mortgage loan originator licensing requirements for an individual who, as seller during any 12-month period, offers or negotiates terms for not more than 3 residential mortgage loans that are secured by dwelling unit that did not serve as individual's residence, unless United States Consumer Financial Protection Bureau determines otherwise. The revision to ORS 86A.203 becomes effective immediately with an operative date of September 3, 2013.

Oregon Revises Provisions Regarding Exemptions for Certain Entities | Thu, 06 Jun 2013 16:08
The state of Oregon revised its provisions by requiring that certain entities, previously exempt from requirements, have a license in order to engage in the business of making mortgage loans to now must obtain a license from Department of Consumer and Business Services. These provisions are effective on January 1, 2014.

United Guaranty Mortgage Insurance Company - RAP Broker TPO Changes | Thu, 06 Jun 2013 13:37
Announces that effective for mortgage insurance (MI) submissions received on or after June 10, 2013, United Guaranty’s RAP® (Reporting Acceptance Program®) minimum credit score requirement for Broker TPO loans will change.

Stonegate Mortgage Broker - VA Product Update | Thu, 06 Jun 2013 11:29
Announces updates to the VA matrix and VA overlays. The changes are effective immediately.

Stonegate Mortgage Correspondent - VA Product Update | Thu, 06 Jun 2013 11:26
Announces updates to the VA matrix and VA overlays. The changes are effective immediately.

NYCB Mortgage Company - Disaster Alert- Additional Counties in Illinois | Thu, 06 Jun 2013 10:58
Provides an updated list of declared disaster areas from FEMA listing additional counties in Illinois.

US Bank Broker - Underwriting Guideline Updates | Thu, 06 Jun 2013 10:33
Announces Underwriting Guideline Updates on the following topics:
• FHA Rate & Term Refinance
• Condo Streamline Review
• Detached Condo Review


Chase Correspondent Lending - Agency 5/1 ARM Cap Change | Thu, 06 Jun 2013 10:32
Issues a reminder to assist in preparing for the upcoming change to the Agency 5/1 ARM cap structure.

Chase Correspondent Lending - Condominium, PUD & Appraiser List Updates | Thu, 06 Jun 2013 10:31
Announces updates & reminders on the following topics:
• Condominium Coinsurance Clause
• Ineligible Characteristics for PUDs
• Chase Ineligible Appraisers List


Chase Correspondent Lending - Distressed Market Policy | Thu, 06 Jun 2013 10:30
Announces updates to their Non-Agency Distressed Market Policy which will be effective with Best Efforts loans locked on or after June 10, 2013.

Provident Funding Broker - Program Guidelines Update (Jumbo) | Thu, 06 Jun 2013 08:33
Announces updates to the following Program Guidelines which are effective immediately:
• Employed Income
• Rental Income
• Asset Requirements
• Revisions History


Provident Funding Broker - Program Guidelines Update | Thu, 06 Jun 2013 08:32
Announces updates to the following Program Guidelines which are effective immediately:
• Adjustable Rate 5/1 Libor ARM
• Employed Income
• Rental Income
• Asset Requirements
• Secondary/Subordinate Financing


CFPB Releases Exam Procedures for New Mortgage Rules | Wed, 05 Jun 2013 16:26
The Bureau of Consumer Financial Protection (CFPB) published the first update to its exam procedures for the new mortgage regulations issued in January, 2013. The exam procedures offer guidance on what the CFPB will be looking for as the rules become effective. The new regulations include those on appraisals, escrow accounts, and compensation and qualifications for loan originators. The interim examination procedures for TILA and ECOA are linked below.

Wells Fargo Funding Correspondent - FHA Single Family Mortgage Insurance Changes | Wed, 05 Jun 2013 14:41
Announces changes to FHA Single Family Mortgage Insurance as announced in Mortgagee Letter 2013-04. This change is effective with FHA Case Numbers assigned on or after June 3, 2013.

Freedom Broker - Reminder - FHA Mortgage Insurance Premium Policy Changes | Wed, 05 Jun 2013 13:30
Announces a reminder regarding FHA Mortgage Insurance Premium changes.

Flagstar Wholesale Lending – Fannie Mae DU Refi Plus II – Other Servicer Update | Wed, 05 Jun 2013 12:29
Announces updates to the Fannie Mae DU Refi Plus II – Other Servicer, doc. #5361 program, effective Friday, May 31, 2013.

Flagstar Wholesale Lending – Jumbo Changes | Wed, 05 Jun 2013 12:27
Announces updates to the Jumbo ARM, doc. # 5412-A and Jumbo Fixed, doc. # 5412-F programs, effective immediately.

Stonegate Mortgage Correspondent - Disaster Declaration for Iowa Severe Winds and Flooding | Wed, 05 Jun 2013 11:17
Announces, in reaction to the Iowa severe winds and flooding, the Disaster Policy is required to be followed for all direct or indirectly impacted properties within the state of Iowa.

Stonegate Mortgage Broker - Disaster Declaration for Iowa Severe Winds and Flooding | Wed, 05 Jun 2013 11:15
Announces, in reaction to the Iowa severe winds and flooding, the Disaster Policy is required to be followed for all direct or indirectly impacted properties within the state of Iowa.

Homeward Residential Correspondent - National Disaster Notification List Update | Wed, 05 Jun 2013 11:06
Announces updates to the National Disaster Notification spreadsheet.

Mortgage Services III Correspondent - Conforming High Balance, Reminders & Clarifications | Wed, 05 Jun 2013 10:59
Announcements regarding the following topics:
• Tax Returns and Transcripts Reminder
• Conforming High Balance FICOs
• Conforming Multi-Unit Listing Restrictions


Provident Funding Correspondent - Program Guidelines Update | Wed, 05 Jun 2013 10:55
Announces updates to the following Program Guidelines which are effective immediately:
• Adjustable Rate 5/1 Libor ARM
• Employed Income
• Rental Income
• Secondary/Subordinate Financing
• HO-6 Hazard Insurance
• Field Review and Second Appraisals


Mortgage Services III Broker - Conforming High Balance, Reminders & Clarifications | Wed, 05 Jun 2013 10:36
Announcements regarding the following topics:
• Tax Returns and Transcripts Reminder
• Conforming High Balance FICOs
• Conforming Multi-Unit Listing Restrictions


Florida Capital Bank Mortgage Broker – Highlights of Recent Changes to Conventional Guidelines and Overlays | Wed, 05 Jun 2013 10:35
Announces significant updates to the conventional guidelines to relieve some overlays and to provide additional clarification. The updates are effective immediately.

SunTrust Broker - Increased MIPs | Wed, 05 Jun 2013 10:10
Issues an important reminder due to potential re-disclosure requirements for FHA Case numbers assigned on or after June 3, 2013 as a result of changes to MIP assessment periods.

SunTrust Broker - Delayed Financing | Wed, 05 Jun 2013 10:09
Announces delayed financing cash-out refinance options to borrowers who recently purchased their subject property, but did not secure a lien against that subject property to finance the purchase.

SunTrust Broker - Maximum Number of Financed Properties | Wed, 05 Jun 2013 10:07
Announces updates and clarifications to their Maximum Number of Financed Properties and Borrower Exposure guidelines which are effective Monday, June 03, 2013.

SunTrust Broker - Condominium Revision | Wed, 05 Jun 2013 10:05
Revises their Key Loan Program guidelines on condominiums for construction lending - two closing transactions.

Franklin American Broker - HMDA 30-Day Decision Period Reminder | Wed, 05 Jun 2013 07:56
Provides a reminder of HMDA’s 30 day decision period.

Florida Capital Bank Mortgage Correspondent – Highlights of Recent Changes to Conventional Guidelines and Overlays | Wed, 05 Jun 2013 07:55
Announces significant updates to the conventional guidelines to relieve some overlays and to provide additional clarification. The updates are effective immediately.

Homeward Residential Correspondent - Product Matrix Revisions | Wed, 05 Jun 2013 07:36
Announces the revision of several product matrices.

Homeward Residential Correspondent - HARP Overlay Sheet | Wed, 05 Jun 2013 07:35
Announces the release of a HARP Overlay Sheet. This specifically addresses all overlays for the DU Refi Plus and LP Open Access products.

Homeward Residential Correspondent - Conventional Loan Overlay Sheet Updates | Wed, 05 Jun 2013 07:33
Announces updates to the Conventional Loan Overlay Sheet.

Homeward Residential Correspondent - Sellers Guide Update | Wed, 05 Jun 2013 07:31
Announces updates to the Seller Guide in the following areas:
• Chapter 1 - Overview
• Chapter 4 - Representations and Warranties
• Chapter 10 - Conventional Underwriting
• Chapter 11 - Home Affordable Refinance Program
• Chapter 12 - Prefund Diligence
• Chapter 14 - Post Funding


New Penn Correspondent - Disaster Area Declaration Policy | Tue, 04 Jun 2013 14:13
Announces FEMA declared disaster areas in the states of Illinois and Oklahoma. Further provides the disaster area declaration policy.

HUD Updates Prepayment and Refinance of Section 202 Direct Loan Requirements | Tue, 04 Jun 2013 13:48
HUD provides guidance for their approval and processing of the prepayment of Section 202 Direct Loan projects. This Notice updates and clarifies the guidance provided in Housing Notice 2012-08 and supersedes all outstanding policy regarding Section 202 Direct Loan prepayments, including Housing Notices 2002-16, 2004-21, 2010-14, 2012-08 and Frequently Asked Questions disseminated by HUD related to Housing Notice 2012-08.

NCUA Publishes Notice of Funding Opportunity for Credit Unions | Tue, 04 Jun 2013 13:19
The National Credit Union Administration (NCUA) issued a Notice of Funding Opportunity (NOFO) to invite eligible credit unions to submit applications for participation in the OSCUI Grant Program (a.k.a. Community Development Revolving Loan Fund (CDRLF)), subject to funding availability. The OSCUI Grant Program serves as a source of financial support, in the form of technical assistance grants, for credit unions serving predominantly low-income members. It also serves as a source of funding to help low-income designated credit unions (LICUs) respond to emergencies arising in their communities. The application open period for the Multi-Initiative Application is June 17, 2013 - July 12, 2013. For each initiative funds may be exhausted prior to the deadlines, at which time the programs/funds will no longer be available.

Hawaii Adds Provisions Regarding Mortgage Servicers | Tue, 04 Jun 2013 13:12
The state of Hawaii added provisions authorizing the Commissioner of Financial Institutions to conduct examinations and investigations and adjust the fees for mortgage servicer licensees to use the NMLS. These provisions are effective immediately.

Nevada Enacts Revised Uniform Law on Notarial Acts | Tue, 04 Jun 2013 13:09
The state of Nevada enacted the Revised Uniform Law on Notarial Acts. These provisions are effective on January 1, 2014.

Nevada Revises Provisions Regarding Disbursements of Money from Escrow Accounts | Tue, 04 Jun 2013 13:06
The state of Nevada revised its provisions that govern certain disbursements of money from escrow accounts. These provisions are effective on July 1, 2013.

Nevada Amends Provisions Regarding Real Property | Tue, 04 Jun 2013 13:05
The state of Nevada amended its provisions that govern real property. These provisions are effective immediately.

Huntington Mortgage Broker/Correspondent - Additions and/or Changes for Conventional Conforming and FHA Products | Tue, 04 Jun 2013 13:02
Announces the updates to the following:
• DU/DO underwritten loans delivered to Freddie Mac require a 4506T to be executed at application and closing.
• Borrower with an existing FHA loan that has gone through a modification and/or partial claim are eligible for a streamline refinance.
• REMINDER: Effective for FHA case numbers issued on or after June 3, 2013, FHA will change the duration period of the Annual MIP based on LTV and the loan term.
• Effective with FHA case numbers issued on or after June 3, 2013, 0.45% Annual MIP will be required on loans with an LTV < = 78% and a loan term < = 15 years.
• MI Grid Changes for Radian and MGIC


FHA Single Family Addresses Partial Claim Documentation and Delivery Requirements | Tue, 04 Jun 2013 12:14
This Mortgagee Letter reminds mortgagees of the procedures for preparing partial claim documents, calculating claim amounts and submitting partial claim documents to HUD. It also describes the penalties for a mortgagee's noncompliance with HUD's partial claim regulations at 24 CFR 203.371.

FHA Single Family Clarifies Title Approval at Conveyance | Tue, 04 Jun 2013 12:06
Clarifies title approval at conveyance in regards to unpaid property taxes; Homeowners Association (HOA)/condominium fees; unpaid utility bills/assessments; and unresolved manufactured housing title issues.

HUD Addresses Exemption of Annual Financial Statement Submission | Tue, 04 Jun 2013 08:36
HUD addresses exemption of annual financial statement submission for HUD-assisted properties with section 515 rural rental housing mortgage financing. This guidance supersedes previous guidance issued by the Office of Asset Management in memoranda dated June 22, 2004 and January 6, 2005.

Ginnie Mae Announces New Data Elements for HMBS Reporting | Mon, 03 Jun 2013 15:09
Announces effective with September 1, 2013 issuances, Ginnie Mae will require Issuers to provide additional data elements on single-family Home Equity Conversion Mortgages (HECM), where applicable. This information will be collected at issuance, via GinnieNET on the import file layout, and through the monthly pool & loan level reporting.

Fannie Mae Multifamily Issues Guide Update 13-02 | Mon, 03 Jun 2013 13:08
Fannie Mae issues Guide Update 13-02 which provides additional guidance in Part IIIA, Chapter 3, Section 306 of the Multifamily Selling and Servicing Guide with respect to restrictive covenants that prohibit conversion of a Property to condominiums.

Stonegate Mortgage Correspondent – Disaster Declaration for North Dakota Flooding | Mon, 03 Jun 2013 11:34
Announces, in reaction to North Dakota flooding, the Disaster Policy is required to be followed for all direct or indirectly impacted properties within the state of North Dakota.

Stonegate Mortgage Broker - Disaster Declaration for North Dakota Flooding | Mon, 03 Jun 2013 11:32
Announces, in reaction to North Dakota flooding, the Disaster Policy is required to be followed for all direct or indirectly impacted properties within the state of North Dakota.

SunTrust Correspondent - State of Alaska | Mon, 03 Jun 2013 11:03
Announces revisions to their geographic lending restrictions for properties located in the state of Alaska. This change is effective, Monday, June 03, 2013.

SunTrust Correspondent - Increased MIPs | Mon, 03 Jun 2013 11:02
Issues an important reminder due to potential re-disclosure requirements for FHA Case numbers assigned on or after June 3, 2013 as a result of changes to MIP assessment periods.

SunTrust Correspondent - Delayed Financing | Mon, 03 Jun 2013 11:01
Announces delayed financing cash-out refinance options to borrowers who recently purchased their subject property, but did not secure a lien against that subject property to finance the purchase.

SunTrust Correspondent - Maximum Number of Financed Properties | Mon, 03 Jun 2013 11:00
Announces updates and clarifications to their Maximum Number of Financed Properties and Borrower Exposure guidelines which are effective Monday, June 03, 2013.

SunTrust Correspondent - Condominium Clarification | Mon, 03 Jun 2013 10:59
Clarifies lending guidelines on condominiums for construction-to-permanent and rehabilitation (renovation and tear down) financing.

Franklin American Broker - Conventional, FHA, USDA & Secondary Mkting Updates | Mon, 03 Jun 2013 10:37
Provides updates and clarifications to several product guidelines.

Franklin American Broker - FHA Mortgage Insurance Premium (MIP) Changes - Clarification | Mon, 03 Jun 2013 10:36
Announces FHA Mortgage Insurance Premium (MIP) change, effective June 3, 2013.

Green Tree Correspondent – DU Refi Plus Updates | Mon, 03 Jun 2013 10:35
Announces updates to their DU Refi Plus product for Servicer and Non-Same Servicer restrictions. This change is effective immediately.

US Bank Correspondent - Enhancements for Portfolio Products | Mon, 03 Jun 2013 10:12
Announces enhancements to the following Portfolio Products which will be effective May 29, 2013:
• #3776-3777 Conventional Non-Conforming
• #3346-3349 Elite LIbor ARMS
• #3307-3317 Elite Treasury ARMS


Nevada Revises Provisions Regarding Deeds of Trust | Mon, 03 Jun 2013 09:10
The state of Nevada modifies provisions relative to deeds of trust. The revisions include: revised provisions relating to covenants that may be adopted by reference in a deed of trust; provides methods by which assumption fees for a change of parties to a deed of trust may be set; revised provisions relating to certain agreements to sell real property to a third party; revised provisions concerning accounting for impound accounts for the payment of certain obligations relating to certain real property; and, provides a civil penalty. These revisions are effective on October 1, 2013.

Green Tree Broker - DU Refi Plus Updates | Fri, 31 May 2013 13:50
Announces updates to their DU Refi Plus product for Servicer and Non-Same Servicer restrictions. This change is effective immediately.

Franklin American Correspondent - Conventional and FHA Updates, Streamline Min FICO & Misc Topics | Fri, 31 May 2013 13:24
Announces Conventional and FHA updates along with clarifications and reminders on important topics.

Wintrust Mortgage Correspondent - Fannie Mae, Freddie Mac, & Wintrust Branded DU & LP Updates | Fri, 31 May 2013 13:22
Provides clarification of documentation requirements when rental income is not used for Fannie Mae & Freddie Mac. Further provides updates on Wintrust branded DU & LP.

PHH - FHA Annual MIP | Fri, 31 May 2013 13:18
Announces changes to premiums and cancellation requirements for annual MIP which are effective on or after June 3, 2013. The FHA product description located in the Sales Manual has been updated to reflect the changes.

NCUA Makes Technical Amendments to Regulations | Fri, 31 May 2013 12:31
The National Credit Union Administration (NCUA) made a number of technical amendments to NCUA's regulations based on issues identified by staff and through NCUA's rolling, 3-year regulatory review process. In addition, the NCUA is making a number of nomenclature changes to NCUA's regulations to reflect changes to NCUA's office structure, including the transfer of duties and the creation of the new Office of National Examinations and Supervision (ONES). Under title X of the Dodd-Frank Act, rulemaking authority for a number of consumer financial protection laws were transferred from various federal regulatory agencies, including NCUA, to the Consumer Financial Protection Bureau (CFPB). The NCUA is now updating certain cross citations within its regulations and rescinding NCUA's rules governing the "Privacy of Consumer Financial Information" under the Gramm-Leach-Bliley Act (GLB) and the "Registration of Residential Mortgage Loan Originators" under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which were transferred to the CFPB. The final rule is effective on May 31, 2013.

Florida Revises Provisions Concerning Powers of Attorney | Fri, 31 May 2013 12:09
The state of Florida revised provisions regarding powers of attorney. The revisions include: providing additional exceptions to applicability of specified power of attorney provisions; providing that notary public may sign principal's name on power of attorney; providing that third person may refuse to accept power of attorney executed in another state in certain circumstances; requiring that original of power of attorney relied upon to affect title to real property must be recorded; and, providing a standard for a court to award fees and costs in a judicial proceeding. The revisions are effective immediately.

Delaware Amends Provisions Regarding Foreclosure Mediation Program | Fri, 31 May 2013 12:05
The state of Delaware modified provisions regarding foreclosure. The revisions extend the automatic Residential Mortgage Foreclosure Mediation Program and the Office of Foreclosure Prevention. The revisions are effective immediately and have a 6 year sunset clause.

Kinecta Federal Credit Union Correspondent - Disaster Policy - Recent Tornadoes | Fri, 31 May 2013 10:42
Announces reminder of disaster policy due to recent tornadoes and extreme weather in the Great Plains and the Midwest.

Plaza Home Mortgage Broker - Furlough Days, Truth in Lending Act, FHA MI & Freddie Mac Super Conf | Fri, 31 May 2013 09:28
Announces several updates which include FHA Mortgage Insurance change and enhancements to the Freddie Mac Super Conforming product.

Conversion of UCDP Error Messages | Fri, 31 May 2013 08:46
The MPF Program informs PFIs of the Conversion of UCDP Error Messages.

Platinum Mortgage Broker – FHA MIP Changes | Fri, 31 May 2013 08:16
Issues a reminder that an increase in the duration of MIP and removal of the exemption of the annual MIP for loan amounts with an LTV equal to or less than 78% and with terms equal to or less than 15 years, will become effective with case numbers assigned on and after Monday, June 3, 2013.

Oregon Amends Provisions Regarding Limits on VA Loans | Thu, 30 May 2013 12:24
The state of Oregon modified provisions regarding limits on loans made under the Department of Veteran's Affairs from 2 to 4 loans. The revisions were enacted as emergency legislation and are therefore effective immediately (Signed by Governor May 23, 2013).

Oregon Enacts Revised Uniform Law on Notarial Acts | Thu, 30 May 2013 12:21
The state of Oregon enacted the Revised Uniform Law on Notarial Acts. The new Act was declared as emergency legislation and is therefore effective immediately (Signed by Governor May 23, 2013).

Ohio Adopts Regulations for Temporary Mortgage Loan Originator Licenses | Thu, 30 May 2013 12:16
The Ohio Division of Financial Institutions adopted regulations for issuance of temporary mortgage loan originator licenses. The fee for this license is $150, plus other required fees and would be valid for 90 days.

US Bank Broker - Enhancements for Portfolio Products | Thu, 30 May 2013 12:03
Announces enhancements to the following Portfolio Products which will be effective May 29, 2013:
• #3776-3777 Conventional Non-Conforming
• #3346-3349 Elite LIbor ARMS
• #3307-3317 Elite Treasury ARMS


Freedom Broker - USDA Updates and Reminders | Thu, 30 May 2013 11:50
Announces updates and reminders for the following:
• Discount Points
• Debt Ratio Waivers
• Documenting and Submitting Supporting Documentation to USDA
• Updated Forms
• Electronic Delivery
• USDA Improvements


Freedom Broker - Fannie Mae Conventional Loans - Cash Out Transactions for Second Homes and Investment Properties Located in the State of Texas | Thu, 30 May 2013 11:48
Announces FMA will accept Fannie Mae conventional cash out refinance transactions for properties located in Texas for second home or investment properties.

Freedom Broker - VA Streamline IRRRL Transactions | Thu, 30 May 2013 11:45
Announces a revision to Credit Policy Announcement 13-06, previously issued April 19, 2013, to include guidance for IRRRL transactions that will be made to a surviving spouse.

HUD Provides Notice of Regulatory Waiver Requests | Thu, 30 May 2013 10:53
HUD provides notice of regulatory waiver requests granted for the first quarter of calendar year 2013. This notice contains a list of regulatory waivers granted by HUD during the period beginning on January 1, 2013 and ending on March 31, 2013. The purpose of this notice is to comply with the requirements of section 106 of the HUD Reform Act.

Franklin American Broker - FHA Mortgage Insurance Premium (MIP) Changes | Thu, 30 May 2013 07:41
Announces a revision to the annual Mortgage Insurance Premium (MIP) which will be effective with FHA case numbers assigned on or after June 3, 2013.

Florida Capital Bank Mortgage Correspondent – DU Refi Plus HARP 2.0 | Thu, 30 May 2013 07:40
Announces they are now offering DU Refi Plus HARP 2.0 with MI, flexible LTV & credit scores.

Florida Capital Bank Mortgage Broker – DU Refi Plus HARP 2.0 | Thu, 30 May 2013 07:39
Announces they are now offering DU Refi Plus HARP 2.0 with MI, flexible LTV & credit scores.

CFPB Publishes Final Rule Regarding Exemptions and LO Compensation under the ATR/QM Rule | Wed, 29 May 2013 13:34
The Bureau of Consumer Financial Protection (CFPB) is amending Regulation Z, specifically regarding the final rule for ability to repay and qualified mortgages. Regulation Z generally prohibits a creditor from making a mortgage loan unless the creditor determines that the consumer will have the ability to repay the loan. The final rule provides an exemption to these requirements for creditors with certain designations, loans pursuant to certain programs, certain nonprofit creditors, and mortgage loans made in connection with certain Federal emergency economic stabilization programs. The final rule also provides an additional definition of a qualified mortgage (QM) for certain loans made and held in portfolio by small creditors and a temporary definition of a QM for balloon loans. The rule additionally modifies the requirements regarding the inclusion of loan originator compensation in the points and fees calculation. This rule is effective January 10, 2014.

CFPB Issues Final Rule on Delay of Effective Date of Credit Insurance Provisions | Wed, 29 May 2013 13:30
The Bureau of Consumer Financial Protection (CFPB) issued a final rule delaying the June 1, 2013, effective date of a prohibition on creditors financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling. The prohibition was adopted in the Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z) Final Rule, issued on January 20, 2013. The CFPB is delaying the effective date until January 10, 2014, to permit the Bureau to clarify, before the provision takes effect, its applicability to transactions other than those in which a lump-sum premium is added to the loan amount at closing. The new effective date will be January 10, 2014, but the Bureau will solicit comment on the appropriate effective date at the same time that it seeks comment on clarifications. The CFPB is not contemplating extending the effective date beyond January 10, 2014. This rule is effective on June 1, 2013. The effective date of 12 CFR 1026.36(i), was scheduled to be June 1, 2013, and is now delayed until January 10, 2014.

NCUA Issues Proposed Rule Regarding Derivatives | Wed, 29 May 2013 11:44
The National Credit Union Administration (NCUA) issued a proposed rule regarding derivatives. The proposed rule permits credit unions to engage in limited derivatives activities for the purpose of mitigating interest rate risk. This proposed rule applies to federal credit unions and any federally insured, state-chartered credit unions that are permitted under applicable state law to engage in derivatives transactions. It requires any credit union seeking derivatives authority to submit an application for one of two levels of authority. Level I and Level II authority differ on the permissible levels of transactions as well as the application, expertise, and systems requirements associated with operating a derivatives program. Comments must be received on or before July 29, 2013.

MHA UPDATE: Making Home Affordable Handbook v4.2 Now Available | Wed, 29 May 2013 11:12
Version 4.2 of the Handbook includes revisions to existing sections of Version 4.1 of the Handbook that have been issued in Supplemental Directives with effective dates after the publication of Version 4.1 of the Handbook and before the date of this Supplemental Directive.

Version 4.2 of the Handbook incorporates and supersedes in their entirety Supplemental Directives 12-07 and 12-10. Version 4.2 of the Handbook also incorporates and supersedes those portions of Supplemental Directives 12-09 and 13-02 that were effective on February 1, 2013 and April 5, 2013, respectively.

Version 4.2 of the Handbook incorporates several administrative changes into Chapter VI of the Handbook, some of which are attributable to the issuance by the Federal Housing Administration (FHA) of Mortgagee Letter 2012-22 dated November 16, 2012.

Oregon Modifies Provisions Regarding Interest on Lender's Security Protection | Wed, 29 May 2013 11:03
The state of Oregon modified provisions regarding the interest paid on amounts collected under a lender's security protection programs. These revisions are effective on January 1, 2014.

Oregon Amends Provisions Regarding Foreclosure of Liens on Chattel | Wed, 29 May 2013 11:01
The state of Oregon amended provisions regarding statements of account on foreclosure of liens on chattel. These revisions are effective immediately for foreclosures by sale.

Colorado Modifies Provisions Regarding Legal Descriptions on Real Estate Documents | Wed, 29 May 2013 10:52
The state of Colorado modified provisions regarding the preparation of instruments affecting real estate and the legal description of the property. This act takes effect at 12:01 a.m. on the day following the expiration of the 90-day period after final adjournment of the general assembly (August 7, 2013, if adjournment sine die is on May 8, 2013); except that, if a referendum petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless approved by the people at the general election to be held in November 2014 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.

McCue Mortgage Correspondent - FHA MIP Changes | Wed, 29 May 2013 10:35
Announces FHA MIP changes, effective June 3, 2013.

Green Tree Broker - Introduction of Jumbo Products | Wed, 29 May 2013 08:56
Announces their new Green Tree Jumbo Product offering which will be effective May 28, 2013.

Green Tree Correspondent – Introduction of Jumbo Products | Wed, 29 May 2013 08:30
Announces their new Green Tree Jumbo Product offering which will be effective May 28, 2013.

Florida Capital Bank Mortgage Correspondent – FHA Revisions to Annual MIP | Wed, 29 May 2013 08:29
Issues a reminder concerning revision of FHA policies to the annual Mortgage Insurance Premium (MIP) exemption for FHA loans with terms of 15 years or less and LTV of less than or equal to 78%, effective for FHA case numbers assigned on or after June 3, 2013.

Florida Capital Bank Mortgage Broker – FHA Revisions to Annual MIP | Wed, 29 May 2013 08:28
Issues a reminder concerning revision of FHA policies to the annual Mortgage Insurance Premium (MIP) exemption for FHA loans with terms of 15 years or less and LTV of less than or equal to 78%, effective for FHA case numbers assigned on or after June 3, 2013.

Wells Fargo Funding Correspondent - Updates to Seller Guide for Manually Underwritten Loans & Home Opportunities Program | Wed, 29 May 2013 08:27
Announces updates to the following:
• Non-Traditional Credit Changes on Manually Underwritten Loans
• Loan Score Changes on Manually Underwritten Loans
• Updated Product Eligibility for Wells Fargo’s Home Opportunities^SM Program
• Update to Third Party Originator List – Effective with “Date Added” on TPO List


MPF Program Announces Oklahoma Tornado Relief Provisions | Tue, 28 May 2013 16:17
The MPF Program announces relief provisions for borrowers affected by the Oklahoma Tornados and reminds PFIs of the MPF Program's property condition requirements.

Freddie Mac Announces Guide Bulletin 2013-9 (Extension of Mandatory Adoption Date for Certain Servicer Law Firm Selection and Retention Requirements) | Tue, 28 May 2013 15:25
With this Single-Family Seller/Servicer Guide Bulletin, Freddie Mac is announcing an extension to August 1, 2013 for the mandatory adoption date of several requirements introduced with Bulletin 2012-25 related to law firms retained by Servicers to handle Freddie Mac Default Legal Matters. This extension will provide Servicers with more time to comply with these requirements.

Penny Mac Correspondent - Multiple Updates to VA Loan Program | Tue, 28 May 2013 14:54
Announces changes to the VA Loan program, effective immediately.

Rushmore Home Loans - FEMA Disaster Declaration – Mississippi | Tue, 28 May 2013 14:29
Provides a revision to Disaster areas in the counties of Mississippi.

Rushmore Home Loans - FEMA Disaster Declaration – Illinois | Tue, 28 May 2013 14:28
Provides a revision to Disaster areas in the counties of Illinois.

Texas Amends Various Provisions Regarding Mortgage Regulation | Tue, 28 May 2013 14:00
The state of Texas modified provisions related to mortgage regulation. These revisions include; regulation of residential mortgage loan originators, residential mortgage loan companies, mortgage bankers, and residential mortgage loan servicers under the jurisdiction of the Department of Savings and Mortgage Lending; provides that the residential mortgage loan originator shall provide to the applicant a disclosure that specifies the nature of the relationship between the applicant and the residential mortgage loan originator. The revisions to these statutes are effective on September 1, 2013.

Texas Amends Provisions Regarding Property Conveyance | Tue, 28 May 2013 13:57
The state of Texas modified provisions related to instruments for real property conveyance. The revisions to these statutes are effective on September 1, 2013.

Nevada Amends Various Provisions Regarding Mortgage Industry | Tue, 28 May 2013 13:54
The state of Nevada modified provisions related to mortgage lending and brokering. These revisions include: provisions exempting nonprofit agencies and organizations from the licensing requirements of mortgage brokers and mortgage agents; provisions governing the renewal of a license as a mortgage agent; provisions prohibiting false acts and deceptive practices by mortgage brokers and mortgage agents; and, provisions exempting attorneys providing covered services from the licensing requirements of foreclosure consultants and foreclosure purchasers. The revisions to these statutes are effective immediately.

Minnesota Revises Provisions Adding Loss Mitigation Requirements by Lenders and Servicers | Tue, 28 May 2013 13:48
The state of Minnesota added provisions regarding loss mitigation by lenders and servicers. The effective date of these provisions is August 1, 2013.

Minnesota Enacts Revisor Bill for Technical Corrections | Tue, 28 May 2013 13:47
The state of Minnesota made technical changes to statutes in keeping with legislative enactments. These modifications include: correcting erroneous, ambiguous, and omitted text and obsolete references; removing redundant, conflicting, and superseded provisions; and, making miscellaneous corrections to laws, statutes, and rules. There are various effective dates (mostly August 1, 2013).

Minnesota Makes Technical Modifications to Various Statutes Relating to Commerce | Tue, 28 May 2013 13:43
The state of Minnesota made technical changes to statutes regarding commerce. These modifications include: canceled licenses and fees; flood insurance products; the Commerce Fraud Bureau; property appraisals; and, repeals an obsolete collection agency rule. There are various effective dates from immediate through January 1, 2015.

Citi Correspondent - Credit Policy Updates, Clarifications, Notifications & Reminders | Tue, 28 May 2013 13:25
Announces credit policy updates, clarifications, notifications and reminders on the following topics:
• Credit Policy Updates
• FHA loans: Annual Mortgage Insurance Premium change
• HPML loans – escrow requirements
• Clarifications
• Lender incentives for borrowers: cash/cash-like incentives
• Notifications
• Manual updated for underwriting delegations
• Manual updated for critical documents
• Uniform collateral data portal (UCDP)
• United Guaranty: Updated web address
• Reminders
• MCC/RMCC underwriting feature
• Manual Sections updated with this Bulletin
• Recent Agentsite.com updates

EverBank Broker - Preferred - Other Real Estate Owned | Tue, 28 May 2013 13:21
Announces a revision to the Other Real Estate Owned Policy for EverBank® Preferred Non-Conforming Fixed Rate and LIBOR ARM products.

EverBank Correspondent - Preferred - Other Real Estate Owned | Tue, 28 May 2013 13:01
Announces a revision to the Other Real Estate Owned Policy for EverBank® Preferred Non-Conforming Fixed Rate and LIBOR ARM products and Preferred Texas 50(a)(6) No Cash-Out Refinance.

Mortgage Services III Correspondent - Reminders and New Jersey Restrictions | Tue, 28 May 2013 12:51
Announcements regarding the following topics:

• Reminder: Critical FHA MIP changes go into effect on June 3
• Reminder: Holiday Closing
• New Jersey Geographic Restriction

Mortgage Services III Broker - Reminders and New Jersey Restriction | Tue, 28 May 2013 12:50
Announcements regarding the following topics:

• Reminder: Critical FHA MIP changes go into effect on June 3
• Reminder: Holiday Closing
• New Jersey Geographic Restriction

Franklin American Broker - 2012 Tax Transcripts | Tue, 28 May 2013 12:43
Issues a reminder that a signed 4506-T form must be provided for all borrowers at time of submission. Franklin American will order 2012 tax transcripts, effective immediately.

Fannie Mae Announces Selling Guide Updates | Tue, 28 May 2013 10:34
This Announcement describes updates to the Selling Guide on the following:

• Miscellaneous Income and Documentation Requirements
• Single Entity Ownership in a Project
• Texas Section 50(a)(6) Mortgages - Adding 5-Year Adjustable-Rate Mortgages
• Calculation of Real Estate Taxes for Housing Expense
• Measurement of Various Waiting Periods
• Miscellaneous Selling Guide Updates

EverBank Broker - Declared Disaster Area Policy Update | Tue, 28 May 2013 09:37
Announces updates to EverBank’s Declared Disaster Area Policy specifically for Freddie Mac Relief Refinance and Fannie Mae Refi Plus loan programs.

Penny Mac Correspondent - Multiple Updates to Jumbo Loan Program | Tue, 28 May 2013 08:26
Announces changes to the Jumbo Loan program, effective immediately.

Penny Mac Correspondent - Expansion to FHA Streamline Refinance Program | Tue, 28 May 2013 08:24
Announces expansion to the FHA Streamline Refinance Program.

SunTrust Mortgage Correspondent - Veterans Administration (VA) Loan Assumptions | Tue, 28 May 2013 08:08
Announces clarification that all borrowers requesting VA loan assumptions should contact their current loan servicer for assistance. All reference to loan assumption procedures have been removed from their VA guidelines.

SunTrust Mortgage Correspondent - Order FHA Case Numbers Now to Avoid Increased MIPs | Tue, 28 May 2013 08:08
Announces FHA guidelines will be updated by May 31, 2013 to include an additional change to annual MIP effective with case numbers assigned on or after June 3, 2013.

SunTrust Broker - HUD Standard Guidelines | Tue, 28 May 2013 08:07
Announces they are improving their alignment with HUD Standard Guidelines which will be effective with new credit packages received on or after Tuesday, May 28, 2013.

Homeward Residential Correspondent - National Disaster Notification List Update | Tue, 28 May 2013 07:07
Announces updates to the National Disaster Notification spreadsheet.

EverBank Correspondent - Credit Policy Manual Updates | Fri, 24 May 2013 13:51
Announces updates to their Credit Policy Manual on the following topics:

• Citizenship classifications
• Maximum number of AUS submissions
• Non-married applicants
• Disputed tradelines
• Rental income
• Large deposits
• Appraisal deficiencies

EverBank Correspondent - Update to Disaster Appraisal Policy | Fri, 24 May 2013 13:49
Announces an update to their Federal Disaster Area Appraisal Policy which is effective May 24, 2013.

Freedom Broker - Increase to VA Max Loan Amounts & Updates for USDA & USDA Pilot Prog | Fri, 24 May 2013 13:26
Announces updates on the following topics:

• Increase to VA Maximum Loan Amounts
• USDA and USDA Pilot Programs

BB&T Correspondent - FHA Annual MIP Increases | Fri, 24 May 2013 13:12
Announces a revision to Annual MIP Assessment Period which will be effective with FHA Case Numbers Assigned on or after June 3, 2013.

Flagstar Wholesale Lending – Condominium Guideline Update | Fri, 24 May 2013 12:12
Announces updates to the conventional underwriting guidelines in the following areas:

• New Type R and Type T excluding new conversions
• Established (Type S) projects

Flagstar Wholesale Lending – Fannie Mae Cooperative Property Program – Additional Amortization Terms | Fri, 24 May 2013 12:11
Announces updates to the Fannie Mae Cooperative Property Program, Doc. #5917, effective May 24, 2013.

NYCB Mortgage Company - Disaster Alert- Additional Counties in Illinois | Fri, 24 May 2013 11:25
Provides an updated list of declared disaster areas from FEMA listing additional counties in Illinois.

Astoria Federal Savings Correspondent - Collateral Review Requirements | Fri, 24 May 2013 11:24
Announces update to the collateral review requirements, effective May 22, 2013.

Astoria Federal Savings Correspondent - Policy Updates | Fri, 24 May 2013 11:23
Announces enhancements to the underwriting guidelines, effective May 17, 2013.

Astoria Federal Savings Broker - Policy Updates | Fri, 24 May 2013 11:22
Announces enhancements to the underwriting guidelines, effective May 17, 2013.

Kansas Amends Provisions Regarding Marital Property | Fri, 24 May 2013 10:31
The state of Kansas amended provisions regarding marital property. These revisions are effective on July 1, 2013.

Florida Capital Bank Mortgage Correspondent – IRS Transcript Reminder and Clarification | Fri, 24 May 2013 08:17
Issues a reminder and clarifies the proper IRS transcript documentation process.

Florida Capital Bank Mortgage Broker – IRS Transcript Reminder and Clarification | Fri, 24 May 2013 08:15
Issues a reminder and clarifies the proper IRS transcript documentation process.

Quicken Loans Mortgage Services Correspondent – Disaster Areas FAQ | Fri, 24 May 2013 08:01
Provides frequently asked questions and answers for disaster areas.

Quicken Loans Mortgage Services Broker - Disaster Areas FAQ | Fri, 24 May 2013 06:26
Provides frequently asked questions and answers for disaster areas.

M and T Broker - VA and FHA Updates | Thu, 23 May 2013 13:05
Announces the following are effective with registrations dated on or after May 28th:

• Clarification on VA IRRRL
• Reminder on FHA MIP Term Changes for June 2013

M and T Correspondent - VA and FHA Updates | Thu, 23 May 2013 13:04
Announces the following are effective with registrations dated on or after May 29th:

• Clarification on VA IRRRL
• Reminder on FHA MIP Term Changes for June 2013

FHFA Issues Notice of Proposed Rulemaking Regarding Removal of Credit Ratings in Regulations for FHLBs | Thu, 23 May 2013 12:37
The Federal Housing Finance Agency (FHFA) is proposing to remove a number of references and requirements in certain safety and soundness regulations affecting the Federal Home Loan Banks (FHLBs) and to adopt new provisions that would require the FHLBs to apply internal analytic standards and criteria to determine the credit quality of a security or obligation, subject to FHFA oversight and review through the examination and supervisory process. FHFA will undertake separate rulemakings to remove nationally recognized statistical rating organization (NRSRO) references and requirements contained in the capital regulations applicable to the FHLBs and in the regulations governing the FLHBs' acquired member asset (AMA) programs. Comments on the proposed rule must be received on or before July 22, 2013.

Stonegate Mortgage Correspondent - Disaster Declaration for Oklahoma Tornadoes | Thu, 23 May 2013 12:11
Announces the Disaster Policy is required to be followed for all direct or indirectly impacted properties within the state of Oklahoma and provides the FEMA disaster counties identified at this time. Further notes that the FEMA declaration list has not been finalized at the time of this announcement and county status can change without notice.

Stonegate Mortgage Broker - Disaster Declaration for Oklahoma Tornadoes | Thu, 23 May 2013 12:08
Announces the Disaster Policy is required to be followed for all direct or indirectly impacted properties within the state of Oklahoma and provides the FEMA disaster counties identified at this time. Further notes that the FEMA declaration list has not been finalized at the time of this announcement and county status can change without notice.

BOK Financial Correspondent - Overlay/SRP Updates | Thu, 23 May 2013 10:37
Announces BOK Financial is now accepting the following loan programs: Fannie Mae DU Refi Plus and Freddie Mac Relief Refinance Mortgage).

BOK Financial Correspondent - Overlay/SRP Updates | Thu, 23 May 2013 10:33
Announces updates to the current overlays to reflect the maximum number of eligible financed properties for one borrower serviced by BOKF.

Provident Funding Correspondent - Disaster Declaration – Oklahoma | Thu, 23 May 2013 09:28
Announces the following areas as declared disaster areas by FEMA in Oklahoma: Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie counties.

VA Addresses Special Relief Following Oklahoma Tornadoes | Thu, 23 May 2013 09:25
This circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by Oklahoma's severe storms and tornadoes, and describes measures mortgagees may employ to provide relief.

Plaza Home Mortgage Correspondent - Truth in Lending Act, HUD Revision, & FHA MI Changes | Thu, 23 May 2013 09:18
Announces updates to the following topics:

• Changes to the Truth-in-Lending Act
• Revision to HUD Notice to Homebuyers
• FHA Mortgage Insurance changes

Plaza Home Mortgage Correspondent - Elite Jumbo to Correspondents & Living Trust Policy | Thu, 23 May 2013 09:16
Announces updates to the following topics:

• Memorial Day Holiday
• Elite Jumbo to Correspondents
• Living Trust policy

Plaza Home Mortgage Broker - Reverse Mtg Compensation, Truth in Lending Act, HUD Revision, & FHA MI Changes | Thu, 23 May 2013 08:52
Announces updates to the following topics:

• Reverse Mortgages
• Changes to the Truth-in-Lending Act
• Revision to HUD Notice to Homebuyers
• FHA Mortgage Insurance changes

Plaza Home Mortgage Broker - Living Trust Policy, & Reverse Mtg Compensation | Thu, 23 May 2013 08:51
Announces updates to the following topic

• Memorial Day Holiday
• Living Trust Policy
• Reverse Mortgages

Oregon Modifies Provisions Regarding Trustees on Deeds of Trust | Wed, 22 May 2013 14:06
The state of Oregon amended provisions allowing law practices to serve as trustees of trust deeds; and permits an attorney who is shareholder, partner, member, proprietor or employee of law practice that is trustee to sign document that is permitted or required to be signed in connection with trust deed if attorney provides attorney's full name, Oregon State Bar number and relationship between attorney and trustee. These revisions become effective on January 1, 2014.

EverBank Correspondent - Federal Disaster Area Appraisal Policy | Wed, 22 May 2013 14:01
Announces FEMA declared major disasters for the following affected Oklahoma counties: Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie. As a result of this announcement, the EverBank Federal Disaster Policies as outlined in this bulletin must be followed.

District of Columbia Enacts Saving D.C. Homes from Foreclosure Enhanced Emergency Amendment Act of 2013 | Wed, 22 May 2013 13:57
The Council of the District of Columbia enacts the Saving D.C. Homes from Foreclosure Enhanced Emergency Amendment Act of 2013. The Act amends on an emergency basis the code of law for DC to: provide a borrower the same rights for a defective notice of default on residential mortgage as the law provides for a defective notice of intention to foreclose on a residential mortgage; provide that a foreclosure sale of a property secured by a residential mortgage shall be void if a lender files a notice of intention to foreclose on a residential mortgage without a mediation certificate; provide for a new definition of residential mortgage; provide several technical changes to the text; and, amend the Foreclosure Mediation Fund provisions to allow mortgage-related or foreclosure-related settlement funds to be transferred into the fund and allow those funds to be used for specified mortgage-related or foreclosure-related matters. This Act becomes effective immediately and has a sunset clause of no more than 90 days.

CFPB Publishes Final Rule on Electronic Fund Transfers (Regulation E) | Wed, 22 May 2013 13:19
The Bureau of Consumer Financial Protection (CFPB) amended the regulation implementing the Electronic Fund Transfer Act, and its official interpretation. This final rule (2013 Final Rule) modifies the final rules issued by the Bureau in February, July, and August 2012 (2012 Final Rule) that implement section 1073 of the Dodd-Frank Act regarding remittance transfers. The amendments address three specific issues:

1. The 2013 Final Rule modifies the 2012 Final Rule to make optional, in certain circumstances, the requirement to disclose fees imposed by a designated recipient's institution.
2. The 2013 Final Rule also makes optional the requirement to disclose taxes collected by a person other than the remittance transfer provider. In place of these two former requirements, the 2013 Final Rule requires disclaimers to be added to the rule's disclosures indicating that the recipient may receive less than the disclosed total due to the fees and taxes for which disclosure is now optional.
3. The 2013 Final Rule revises the error resolution provisions that apply when a remittance transfer is not delivered to a designated recipient because the sender provided incorrect or insufficient information, and, in particular, when a sender provides an incorrect account number or recipient institution identifier which results in the transferred funds being deposited in the wrong account.

This rule (2013 Final Rule) is effective October 28, 2013. The effective date of the 2012 Final rules which were delayed on January 29, 2013, is likewise October 28, 2013.

Associated Mortgage Correspondent - Portfolio Program Updates | Wed, 22 May 2013 12:50
Announces updates to the Portfolio ARM and Jumbo fixed programs.

Associated Mortgage Correspondent - Iowa - Minnesota Disaster Counties | Wed, 22 May 2013 12:49
Announces additional appraisal and inspection requirements must be followed for counties in Iowa and Minnesota affected by disaster declarations, effective immediately.

Associated Mortgage Correspondent - Illinois Disaster Counties | Wed, 22 May 2013 12:48
Announces additional appraisal and inspection requirements must be followed for counties in Illinois affected by disaster declarations, effective immediately.

Mortgage Services III Correspondent - Various Topics | Wed, 22 May 2013 12:21
Announcements regarding the following topics:

• FHA:
• Clarifications for Gift of Equity
• High Balance Streamline – re-instatement
• Conventional:
• Large Deposit Clarification
• Shared Roads/Wells/Septic clarification
• Jumbo Loans – Multiple Properties Revision

Mortgage Services III Broker - Various Topics | Wed, 22 May 2013 12:19
Announcements regarding the following topics:

• FHA:
• Clarifications for Gift of Equity
• High Balance Streamline - re-instatement
• Conventional:
• Large Deposit Clarification
• Shared Roads/Wells/Septic clarification
• Jumbo Loans - Multiple Properties Revision

Rushmore Home Loans - FEMA Disaster Declaration - Oklahoma | Wed, 22 May 2013 12:03
Announces FEMA disaster declaration for Oklahoma in the following counties: Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie.

Homeward Residential Correspondent - National Disaster Notification List Update | Wed, 22 May 2013 11:32
Announces updates to the National Disaster Notification spreadsheet.

NYCB Mortgage Company - Correspondent Clients - Product & Underwriting Updates | Wed, 22 May 2013 11:20
Announces updates on the following topics:

• Expanded Owner-Occupied Condo Eligibility and Investor Concentration
• Single Premium Paid in Cash MI
• Jumbo Portfolio ARM's
• Seller's Guide Section for Non-Reimbursed Employee Expenses
• IRS Furlough Days

NYCB Mortgage Company - Disaster Alert - Oklahoma | Wed, 22 May 2013 11:19
Announces an update to FEMA declared disaster areas adding the following counties in Oklahoma: Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie.

NYCB Mortgage Company - Table Funding Clients - Product & Underwriting Updates | Wed, 22 May 2013 11:19
Announces updates on the following topics:

• Expanded Owner-Occupied Condo Eligibility and Investor Concentration
• Jumbo Portfolio ARM's
• Seller's Guide Section for Non-Reimbursed Employee Expenses
• IRS Furlough Days

VA Provides Reminder of Important Information on VIP Security Functions | Wed, 22 May 2013 09:14
This circular reminds lenders and servicers of recently enhanced security features for Veterans Information Portal (VIP) as it relates to the PIN and its use.

Platinum Mortgage Broker – Federally Declared Disaster Areas - Oklahoma | Wed, 22 May 2013 08:32
Announces effective immediately, pursuant to the FEMA announcement dated March 20, 2013, where a major disaster was declared for the state of Oklahoma, any loan where the appraisal was completed on or prior to the event date of May 18, 2013, a re-inspection of the property by the original appraiser will be required.

Platinum Mortgage Broker – DU Version 9.0 Update | Wed, 22 May 2013 08:31
Announces Fannie Mae will update Desktop Underwriter® (DU®) Version 9.0. The changes will apply to new loan case files submitted to DU on or after the weekend of May 18, 2013.

Sun West Correspondent - FEMA Disaster Area Update | Wed, 22 May 2013 06:23
Announces new counties in Oklahoma have been declared by FEMA as a major disaster area and re-caps their disaster area policy.

Sun West Broker - FEMA Disaster Area Update | Wed, 22 May 2013 00:00
Announces new counties in Oklahoma have been declared by FEMA as a major disaster area and re-caps their disaster area policy.

CFPB Issues Bulletin Regarding Accepted Use of Uniform State Testing for MLOs | Tue, 21 May 2013 13:57
The Bureau of Consumer Financial Protection (CFPB) issued a bulletin regarding the acceptability of testing for licensing via the Uniform State Test (UST).

Tennessee Increases Class of Offense for False Deed Filings | Tue, 21 May 2013 13:47
The state of Tennessee increased a "Class A Misdemeanor" to "Class A Felony" for filing a deed without ownership or legal interest. These revisions are effective on July 1, 2013.

Texas Requires Posting of Notice of Foreclosure Sale on County Internet Site | Tue, 21 May 2013 13:44
The state of Texas enacted provisions requiring those counties with internet sites post notices of foreclosure sales. These revisions are effective on September 1, 2013.

Rhode Island Authorizes Insurance Binders as Evidence of Coverage | Tue, 21 May 2013 13:40
The state of Rhode Island amended provisions authorizing the use of insurance binders as evidence of coverage. These provisions are effective on October 1, 2013.

Stearns Lending Correspondent - Program Guideline Updates | Tue, 21 May 2013 12:04
Announces updates to the following programs:

• Conforming Agency Retained (2000-25)
• USDA Rural Housing (4015-03)
• VA (4500-00)

SunTrust Broker - FHA Mortgage Insurance Premiums (MIP) | Tue, 21 May 2013 10:55
Provides an important reminder due to potential re-disclosure requirements for FHA case numbers assigned on or after June 3, 2013 as a result of changes to MIP assessment periods. SunTrust Mortgage, Inc. will also update their FHA guidelines by May 31, 2013, to include an additional change to annual MIP.

SunTrust Broker - Desktop Underwriter Version 9.0 Update | Tue, 21 May 2013 10:54
Announces updates to Fannie Mae’s Desktop Underwriter (DU®) Version 9.0. With these revisions come updates to DU Underwriting Findings Reports and DU messaging.

SunTrust Broker - Mortgage Insurance (MI) Overlays | Tue, 21 May 2013 10:53
Announces the removal and enhancement of various MI overlays which will be effective with credit packages received on or after Friday, May 17, 2013.

Concurrent Sale of Servicing - Mortgaged Property in Missouri | Tue, 21 May 2013 10:25
Effective immediately, mortgages secured by a property located in Missouri are once again eligible for delivery under the MPF Xtra product's concurrent sale of servicing option through Prospect Mortgage, LLC.

New Penn Broker - Announces Launch of FHA Streamline & VA and VA IRRRL Loan Products | Mon, 20 May 2013 14:31
Announces the launch of FHA Streamline and VA IRRRL products, effective May 20, 2013.

New Penn Broker - Updated Matrix - FHA | Mon, 20 May 2013 14:27
Announces updates to the FHA Matrix to include Expanded Underwriting Guidance and Enhanced Eligibility Requirements.

EverBank Correspondent - Federal Disaster Area Appraisal Policy | Mon, 20 May 2013 13:26
Announces FEMA declared major disasters for the following affected Illinois counties: Cook, DeKalb, DuPage, Fulton, Grundy, Kane, Kendal, La Salle, Lake, McHenry and Will. As a result of this announcement, the EverBank Federal Disaster Policies as outlined in this bulletin must be followed.

Missouri Modifies Provisions Regarding Real Estate Loan Reporting | Mon, 20 May 2013 12:06
The state of Missouri amended provisions regarding the reporting of real estate loans. Currently, the directors of the Division of Finance and the Division of Credit Unions are required to examine and determine the number and total dollar amount of residential real estate loans originated, purchased, or foreclosed and the number of residential real estate loan applications denied by financial institutions with offices in counties or cities with a population over 250,000. The directors are required to conclude whether such institutions have violated state law and report such conclusions along with information required under the Federal Home Mortgage Disclosure Act to the Governor and the Director of the Department of Insurance Financial Institutions and Professional Registration. This act requires that the report only include the number and type of violation, a statement of enforcement actions taken, names of institutions found to be in violation, the number and nature of complaints received, and action taken on each complaint. Also, the division directors have the authority to conduct hearings when he or she has reason to believe there is a violation based on examination, investigation of a complaint, a report by the financial institution, or the contents of a public document. This act repeals the provision enumerating the basis for reasonable belief. The act repeals a provision requiring that certain institutions that are not regulated by a division director file a report with the Division of Finance containing the number and dollar amount of residential real estate loans originated, purchased, or foreclosed. The effective date of these revisions is August 28, 2013.

Texas Adopts Senate Joint Resolution Regarding Reverse Mortgage Loans on Homestead Property | Mon, 20 May 2013 12:03
The state of Texas proposed a constitutional amendment to authorize reverse mortgage loans for the purchase of homestead property. The proposed amendments include a disclosure to the consumer. This proposed constitutional amendment will be submitted to voters in the election to be held on November 5, 2013.

Crescent Mortgage Broker - FHA MIP Changes Reminder | Mon, 20 May 2013 10:14
Announces reminder regarding FHA MIP Changes, effective June 3, 2013.

SunTrust Correspondence - FHA Mortgage Insurance Premiums (MIP) | Mon, 20 May 2013 09:39
Provides an important reminder due to potential re-disclosure requirements for FHA case numbers assigned on or after June 3, 2013 as a result of changes to MIP assessment periods. SunTrust Mortgage, Inc. will also update their FHA guidelines by May 31, 2013, to include an additional change to annual MIP.

SunTrust Correspondent - Desktop Underwriter Version 9.0 Update | Mon, 20 May 2013 09:37
Announces updates to Fannie Mae’s Desktop Underwriter (DU®) Version 9.0. With these revisions come updates to DU Underwriting Findings Reports and DU messaging.

SunTrust Correspondent - Federal Tax Debt for FHA Transactions | Mon, 20 May 2013 09:35
Provides their Direct Endorsement (D.E.) lenders with additional guidance on FHA loans to verify borrowers do not have any delinquent federal tax debt.

Provident Funding Broker - Update to 5yr Arm Cap Structure | Mon, 20 May 2013 08:30
Announces an update to the cap structure on the Conforming 5/1 Libor ARM products, effective immediately.

Provident Funding Broker - Program Guidelines Update | Mon, 20 May 2013 08:30
Announces an update to the qualifying rate for an Adjustable Rate Mortgage (ARM), effective immediately.

CFPB Posts Overview Videos of the 2013 Mortgage Rules | Mon, 20 May 2013 06:59
The Bureau of Consumer Financial Protection (CFPB) has prepared and posted videos on YouTube in order to aid understanding and implementation of complying with the new rules published in 2013. You can find the videos here: