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

National Mortgage Professional
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 reserved 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 Summaries 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 mortgages. 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 Summaries 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 immediacy. 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 Centers. 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 guidelines. 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 program.
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