November 2017
MortgageCurrentcy.com Rules and Regulation Updates

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CFPB: Exam/Audit

CFPB- It's Just Compliance Training-Who Cares?

The unfortunate truth is that compliance training is generally offered by your company and can be, well let’s face it, boring! Good compliance training does more than regurgitate the regulations. It should also help you do more business, understand why certain actions are required of you and improve your business persona. Read this article to find out what you should consider beyond just “the box”.


 
Fannie Mae

Fannie Mae DU Release Notes for DU Version 10.0 and 10.1 – Dated October 17, 2017-Effective November 18, 2017 and Fannie Mae DU Release Notes for DU Version 10.1 – Dated October 10, 2017-Effective December 9, 2017

Fannie issued two updates for DU Version 10.1 and one update for DU Version 10.0. These updates are an important read to keep you up to date on Frozen Credit issues, Lender Credits and other timely topics. (Fannie Mae DU Release Notes for DU Version 10.0 and 10.1 – Dated October 17, 2017-Effective November 18, 2017 and Fannie Mae DU Release Notes for DU Version 10.1 – Dated October 10, 2017-Effective December 9, 2017)

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Fannie Mae CPM (Condo Project Manager) Version 6.3 Release Notes – Dated October 3, 2017

Originating condominium loans can be cumbersome, especially if you do not specialize in that type of financing on a regular basis. Fannie Mae has technology to assist you with making the origination of condos easier – but you have to use it to get the benefits. Read through this article to find out ways to pump up your condo business through knowledge and access to a system that will simplify your life. (Fannie Mae CPM (Condo Project Manager) Version 6.3 Release Notes – Dated October 3, 2017 )

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Fannie Mae Collateral Underwriter Version 4.2 Release Notes – Dated October 10, 2017 and Updated October 17, 2017.

The Fannie Mae (CU) Collateral Underwriter updates announced this month will give you a distinct advantage if you use this valuable information for marketing or risk analysis. Take a look at the updates and consider how you can use this intel to provide trending market information to your referral partners. (Fannie Mae Collateral Underwriter Version 4.2 Release Notes – Dated October 10, 2017 and Updated October 17, 2017.)

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Fannie Mae FAQs for Uniform Residential Loan Application – Dated October 25, 2017

The FAQs for the new loan application continues to grow. This update includes 7 updated questions and 3 new questions. Stay up to date and in the know by reading this important update. (Fannie Mae FAQs for Uniform Residential Loan Application – Dated October 25, 2017 )

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Fannie Mae Selling Guide Announcement SEL-2017-09 – Dated November 31, 2017-Effective Immediately

Fannie Mae updates us each month with changes that are important to our business. Read through this update to learn the latest information to keep your business up to date. Our expert reads the entire release and lets our originators know what they need to communicate to clients. (Fannie Mae Selling Guide Announcement SEL-2017-09 – Dated November 31, 2017-Effective Immediately)

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Freddie Mac

Freddie Mac Issues Bulletin 2017-23 – Effective Immediately – May be delayed until January 18, 2018 [Updated Chart - Student Loan Repayment Chart - FHA/VA/USDA/Fannie/Freddie (updated 10-18-2017)]

Freddie Mac issued changes to student loan calculation and how they count contingent liabilities, amongst other updates. These changes and others are relevant to your business, so be sure to take the time to read about this article. (Freddie Mac Issues Bulletin 2017-23 – Effective Immediately – May be delayed until January 18, 2018 - Updated Student Loan Chart)

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VA

VA-Circular 26-17-34, Individual Condominium Loan Processing in the Department of Veterans Affairs (VA) WebLGY System-Dated-October 24, 2017 [Includes New MTP™, Condo Documents - VA Loans]

If you work with VA loans, and in particular condominiums, you need to read this update. VA has issued technical updates that require your attention. (VA-Circular 26-17-34, Individual Condominium Loan Processing in the Department of Veterans Affairs (VA) WebLGY System-Dated-October 24, 2017- New MTP™-Condo Documents-VA Loans)

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NMLS

NMLS-Annual Renewal - Begins November 1, 2017 - Ends December 31, 2017

If you are required to have an NMLS license, read this article for important dates and references for year-end renewal. Avoid a lapse in your license renewal by paying attention to the reference materials and timelines to ensure that your application is approved by year-end. (NMLS-Annual Renewal-Begins November 1, 2017-Ends December 31, 2017)

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