Getting to Know ... MBA Chair-Elect Rob M. Couch

Getting to Know ... MBA Chair-Elect Rob M. Couch

May 31, 2004

AllRegs: A Summary of Recent Regulatory Changes in the Mortgage IndustryAllRegsRegulatory Changes, Mortgage Industry, Fannie Mae, Freddie Mac, FHA,
Information provided by AllRegs(r), the leading computer
database of mortgage lending guidelines. Contact AllRegs by phone
at (800) 848-4904, or on the Internet at
Copyright(c) 2002 Mortgage Resource Center Inc. All rights
Fannie Mae-Single Family Update Summaries
Title: Announcement 02-11
Dated: 09/23/02
Summary: Describes changes to the definition, pricing and other
eligibility requirements associated with refinance mortgages.
Fannie Mae-Multifamily Update Summaries
Title: Lender Memo 02-08
Dated: 10/16/02
Summary: Restates Fannie Mae's policies with regard to breaking
forward commitments in order to have them redelivered at current,
lower rates and implements steps to monitor breakage.
Title: DUS Guide Update 02-19
Dated: 10/16/02
Summary: Implements several revisions to the DUS Cash Early Rate
Lock Commitment Option, including streamlining the preliminary
underwriting requirements, providing delivery tolerances and
revised commitment fees, extension of the commitment period, and
other changes.
Freddie Mac-Single Family Update
Title: Bulletin 2002-06
Dated: 10/07/02
Summary: Provides requirements for mortgages held in portfolio and
modified prior to sale to Freddie Mac (seller-owned modified
mortgages). Updates requirements for converted mortgages. Revises
requirements for construction to permanent mortgages. Provides
guidance to servicers processing resets of balloon/reset
Title: Industry Letter
Dated: 10/01/02
Summary: Modifies Freddie Mac's purchase requirements in response
to the Georgia Fair Lending Act (GAFLA).
MPF-Mortgage Partnership Finance
Title: PFI Notice 2002-4
Dated: 10/28/02
Summary: Expands the alternatives for providing the original MIC or
LGC for government loans, adjusts the repurchase calculation for
ineligible loans to take into consideration the market value of the
mortgage at the time of the repurchase, and changes the policy for
government loans with overdue final certifications.
Title: PFI Advisory 10-21-02
Dated: 10/21/02
Summary: Announces the availability of the MPF Origination and
Servicing Guides electronically via AllRegs as the preferred method
for receiving the MPF Guides due to the service's accuracy and
FHA Update Summaries
Title: Federal Register 67 FR 66038
Dated: 10/29/02
Summary: Announces the establishment of the Accelerated Claim
Disposition Demonstration, under which HUD will pay accelerated
claims on certain defaulted FHA-insured mortgages. The
demonstration will have a limited initial duration and will include
mortgage loans secured by properties located within the
jurisdiction of HUD's Philadelphia and Atlanta Homeownership
Title: Federal Register 67 FR 63671
Dated: 10/15/02
Summary: Reissues the notice lowering the mortgage insurance
premiums for certain FHA multifamily mortgage insurance programs
effective Oct. 1, 2002.
Title: Federal Register 67 FR 63198
Dated: 10/10/02
Summary: Proposes to establish the Federal Housing Administration
Inspector Roster, and to provide placement, re-certification and
removal procedures for Roster applicants. Also identifies when a
lender must use an inspector listed on the Roster. Comments are due
by Dec. 9, 2002.
Title: Federal Register 67 FR 63202
Dated: 10/10/02
Summary: Contains a list of regulatory waivers granted by HUD
between April 1, 2002 and June 30, 2002.
Title: Mortgagee Letter 02-21
Dated: 09/26/02
Summary: Identifies and recommends the use of prudent industry
practices related to due diligence in the acquisition of whole
loans or loan pools.
Title: Mortgagee Letter 02-20
Dated: 09/25/02
Summary: Announces the implementation of a reduction in the
threshold for the Credit Watch Termination initiative in areas
where mortgagees have excessive default and claim rates.
Title: Mortgagee Letter 02-19
Dated: 09/25/02
Summary: Clarifies issues relating to title approval, property
condition at conveyance, and administrative offsets and addresses
the lender appeal process relative to conveyance issues, all of
which are effective Oct. 20, 2002.
VA Update Summaries
Title: Federal Register 67 FR 62646
Dated: 10/08/02
Summary: Changes the formula for calculating the net value of
property securing VA-guaranteed loans being terminated, and adds
criteria for granting preforeclosure debt waivers.
Rural Housing Service Summaries
Title: Administrative Notice RD AN NO. 3791 (1980-D)
Dated: 09/24/02
Summary: Provides guidance to Guaranteed Rural Housing field staff
on correcting the date of obligation or on increasing or decreasing
the amount of obligation for a guaranteed loan.
GNMA Update Summaries
Title: Memorandum 02-22
Dated: 10/02/02
Summary: Modifies and strengthens the sanctions imposed for
inaccurate and untimely reporting of remaining principal balances
and multifamily pre-payment penalties.
CalPERS Update Summaries
Title: Lender Letter 02-17 (Revised)
Dated: 10/24/02
Summary: Revises the definitions, loan-to-value ratio limits and
loan level price adjustments for cash-out and limited cash-out
refinance transactions, based on the recent changes to Fannie Mae
Title: Memorandum 02-10
Dated: 10/18/02
Summary: Updates and revises several sections of the CalPERS
Participant Guide.
Title: Lender Letter 02-17
Dated: 10/18/2002
Summary: Revises the definitions, loan-to-value ratio limits and
loan level price adjustments for cash-out and limited cash-out
refinance transactions, based on the recent changes to Fannie Mae
guidelines. These changes are effective with loans purchased on or
after January 6, 2003.
Title: Lender Letter 02-16
Dated: 10/18/02
Summary: Requires mortgage brokers who wish to originate loans
under the CalPERS Member Home Loan Program to be sponsored by a
CalPERS participating lender, effective Dec. 1, 2002.
Title: Memorandum 02-09
Dated: 09/16/02
Summary: Updates and revises several sections of the CalPERS
Participant Guide.
Title: Lender Letter 02-15
Dated: 09/16/02
Summary: Clarifies the calculation for per diem interest and
provides notice of changes concerning the payment of property taxes
due within 45 days of purchase.
Federal Compliance Update Summaries
Summary: Federal Register 67 FR 61769
Dated: 10/02/02
Summary: Adjusts the dollar amount that triggers Truth-in-Lending
requirements for certain mortgages bearing fees above a specified
amount. The rules set forth for home-secured loans under the Home
Ownership and Equity Protection Act of 1994 (HOEPA) apply when the
total points and fees payable by the consumer at or before loan
consummation exceed the greater of $400 or eight percent of the
total loan amount. Effective Jan. 1, 2003, the Federal Reserve
Board has increased this dollar amount to $488 to reflect changes
in the Consumer Price Index.
Summary: Federal Register 67 FR 61460
Dated: 09/30/02
Summary: Amends the Group Flood Insurance Policy, as a result of
the consolidation of section 408 and 411 of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act by the Disaster
Mitigation Act of 2000, which created a new disaster assistance