2013 Correspondent Lender Announcements

Issue Date:  05/30/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-017
To: All MSI Correspondent Partners
Re: Conforming High Balance; Reminders; Clarifications

• Tax Returns and Transcripts Reminder.
• Conforming High Balance FICOs.
• Conforming Multi-Unit Listing Restrictions.

Issue Date:  05/23/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-016
To: All MSI Correspondent Partners
Re: Reminders and New Jersey Restriction

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

Issue Date:  05/16/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-015
To: All MSI Correspondent Partners
Re: Multiple Topics and FHA High Balance Streamlines

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

Issue Date:  05/02/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-014
To: All MSI Correspondent Partners
Re: USDA Clarifications; Reminders for UCDP/ULDD Compliance and Revised InHouse Appraisal Rebuttal Form

• USDA changes/clarification for Credit Qualifying Considerations.
• Reminders for UCDP/ULDD Compliance.
• InHouse AMC - Rebuttal Form

Issue Date:  04/19/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-013
To: All MSI Correspondent Partners
Re: Important Reminders; USDA Ratio Waiver Changes

• Important reminders and loan delivery tips.
• USDA Manual Underwriting Changes for Ratio Waivers.

Issue Date:  04/11/2013
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: 
CPA-2013-012
To: All MSI Correspondent Partners
Re: Numerous Topics; USDA Changes

• Conforming ARMS - Clarification.
• Maximum Acreage - Clarification.
• Credit History Considerations for past modified loans.
• FHA Streamlines - FRM only.
• Reminder for all Conforming Loans- DU Condos only.
• USDA - Underwriting Changes - brief summary.

Issue Date:  04/05/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-011
To: All MSI Correspondent Partners
Re: Multiple Topics

• Conforming 5/1 ARMS.
• LP Relief-Texas Refinance clarification.
• Reminder regarding tax transcripts.
• Maximum Acreage.
• Relocation Company Involvement guidelines.

Issue Date:  03/28/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-010
To: All MSI Correspondent Partners
Re: Reminders; LPMI; Flood Insurance Reminder

• Reminders: Good Friday closing and new FHA MIP premiums.
• Clarification on LPMI: available terms.
• Flood Insurance Reminder.

Issue Date:  03/21/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-009
To: All MSI Correspondent Partners
Re: Maximum LTV; Co-Signed Real Estate Obligations; FHA Reminder

• Reminder: Good Friday closing.
• Clarification/revision to Maximum LTV when Subordinate Financing is used.
• Revision to Co-Signed Real Estate Obligations.
• Reminder: FHA MIP changes.

Issue Date:  03/14/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-008
To: All MSI Correspondent Partners
Re: VA Jumbo Loans; Conventional Jumbo Declining Markets

• New VA Jumbo loan product subset.
• Updated Declining Market restrictions for Conventional Jumbo.

Issue Date:  02/27/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-007
To: All MSI Correspondent Partners
Re: Life of Loan Flood Certs and Financed Properties

• Reminder: Life of Loan Flood Certs
• For conventional loans, increase in number of financed properties when the
  subject is a Primary Residence.
• Required documentation for Other Real Estate Owned.

Issue Date:  02/21/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-006
To: All MSI Correspondent Partners
Re: Use of Foreign Income

• For conventional loans, foreign income requirements.

Issue Date:  02/14/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-005
To: All MSI Correspondent Partners
Re: Holiday Reminder; POA and USDA

• Reminder: President's Day Holiday.
• Power of Attorney - Clarification.
• USDA Revisions.

Issue Date:  02/07/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-004
To: All MSI Correspondent Partners
Re: Jumbo Loan Revision; Delinquent Property Taxes & Underwriting Changes

• President's Day Holiday.
• FHA Announces revision to MIP.
• Jumbo Product revision regarding number of properties owned.
• Property Taxes and Refinance restrictions.
• Underwriting changes.

Issue Date:  02/04/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-003
To: All MSI Correspondent Partners
Re: Conforming FRM LTV Reduction and Other Topics

• Conforming FRM 2-Unit maximum LTV/CLTV/TCLTV reduced.
• Conversion of a Principal Residence, Reserve Requirements.
• Conventional Loans - No Grants or DPA.

Issue Date:  01/17/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-002
To: All MSI Correspondent Partners
Re: VA Appraisal Ordering Changes; Underwriting Changes and Other Topics

• Holiday Reminder.
• VA Non-Lapp VA Case Number/Appraisal ordering process.
• VA IRRRL Wells Waiver - Additional Requirement.
• FHA/VA and USDA Loans.
• Underwriting Changes.
• Jumbo Loan now permits 2-unit primary properties.

Issue Date:  01/09/2013
Effective Date:  As Noted
Correspondent Lending Announcement #: 
CPA-2013-001
To: All MSI Correspondent Partners
Re: Underwriting Revisions; VA IRRRL Enhancement; USDA Pilot Refinance Discontinued

• Underwriting Changes.
• FHA/VA 2013 loan limits.
• Jumbo Loan Disaster Policy revision.
• VA IRRRL enhancement.
• Elimination of the USDA Pilot Refinance Program.
• USDA Changes
  . Gift Donor revision.
  . Clarification to Student Loan payments.

2012 Correspondent Lender Announcements

Issue Date:  12/19/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-047
To: All MSI Correspondent Partners
Re: Multiple Topics

• Holiday Reminders.
• Tax Payer Identification Theft.
• Co-Signed real estate debt.
• USDA Revision.
• FHA High Balance Clarification and Revision.
• Non-Owner Occupant Clarification.

Issue Date:  12/13/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-046
To: All MSI Correspondent Partners
Re: Fannie Mae Waiver Fee; Relock Policy; and Other Topics

• Clarification on the PIW/PFW waiver fee.
• Revised Relock Policy.
• Reminder: FHA MIP accuracy.
• VA Occupancy change.
• Reminder: For Conventional loans-once a "restructured mortgage" always a "restructured mortgage."

Revision to qualification for Conventional 1-4 Unit Properties.

Issue Date:  12/6/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-045
To: All MSI Correspondent Partners
Re: Anti-Steering; USDA; Minimum Trade Lines

• Anti-Steering Disclosure Clarification.
• USDA Underwriting revisions.
• Revision to Conventional Minimum Trade Lines.

Issue Date:  11/29/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-044
To: All MSI Correspondent Partners
Re: REO; Matrices; Multiple Properties and Fannie Mae PIW

• REO-No Exceptions for Fannie/Freddie held properties.
• Updated Matrices - HomePath® and Conforming High Balance
• Clarification for Multiple Properties
• Fannie Mae PIW and Property Field Waivers.

Issue Date:  11/19/2012
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2012-043
To: All MSI Correspondent Partners
Re: 2075; Trust Certification; Investment Property; LP Relief Refinances

• Acceptance of 2075 for relief refinance products.
• Trust Certificate acceptable for the state of Washington.
• Clarification-Investment Property Refinance Restriction.
• LP Relief Refinance-Open Access Revision.
• Reminder: Anti-Steering Disclosure.
• Holiday Reminders.

Issue Date:  11/8/2012
Effective Date:  As Noted
Correspondent Mortgage Lending Announcement #: CPA-2012-042
To: All MSI Correspondent Partners
Re: Split MI; November Holiday Reminders

• Split MI acceptable for purchase from Correspondent Delegated Sellers.
• November Holiday Reminders.

Issue Date:  11/1/2012
Effective Date:  As Noted
Correspondent Mortgage Lending Announcement #: CPA-2012-041
To: All MSI Correspondent Partners
Re: Hurricane Sandy - Added Counties- Matrix Updated

• This announcement increases the counties affected by Hurricane Sandy for which MSI requires evidence that the subject property is marketable.
• See the added counties in yellow highlight in the matrix.

Issue Date:  10/31/2012
Effective Date:  As Noted
Correspondent Mortgage Lenders Announcement #: CPA-2012-040
To: All MSI Correspondent Partners
Re: Disaster Policy Reminder and Conforming Investment

• Reminders regarding MSI's Disaster Policy.
• Clarification to MSI's Investment LTV/CLTV

Issue Date:  10/25/2012
Effective Date:  As Noted
Correspondent Mortgage Lenders Announcement #: CPA-2012-039
To: All MSI Correspondent Partners
Re: Various and Multiple Topics

• AU Central - Retirement.
• Jumbo Product Update.
• USDA Funding restored for Fiscal Year 2013.
• FHA Streamline - Income Figure on the Final 1003 no longer required.
• Flood Insurance - Clarification.
• Underwriting Issues:
  . Bankruptcy Documentation Requirement - Reaffirmation Agreement.
  . Income Documentation - Clarification for all conventional loans.
  . Tax Extensions - Government Deadline Passed.
  . Rate/Term Refinance Clarification - "Short Term Refinance"
• Data Integrity - Reminder!

Issue Date:  10/15/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-038
To: All MSI Correspondent Partners
Re: Various Topics

• Reminder: DU Version 9.0 release date.
• Conforming Underwriting Issues:
  . Sale of Personal Assets- Clarification
  . Reminder: Elimination of Appraisal Forms 2075 and 2055.
  . Revision: DU Refi Plus, LP Relief Refinance: Maximum DTI 50%.
  . Clarification: MSI policy for Mortgage/Rental Payment History.
• Reminder: Using Rental Income to Qualify - Fannie Form 1007 required.
• Reminder: FHA 15-year FRM and all ARM Streamlines discontinued for locks on/after 10/02/12.

Issue Date:  9/28/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-037
To: All MSI Correspondent Partners
Re: Anti-Steering Disclosure

This announcement provides reminders and details regarding MSI requirements for the Anti-Steering Disclosure.

Issue Date:  9/27/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-036
To: All MSI Correspondent Partners
Re: USDA FUNDING; USDA FEE CHANGE REMINDER; Other USDA Issues

• Reminder: Fiscal Year (FY) 2013 USDA Fees in effect.
• The resumption of USDA Refinance Funding.
• Acceptance of "Subject To" Conditional Commitments for Refinance and Purchase Transactions.
• USDA Eligible Areas.
• Update of USDA Refinance Matrix.

Issue Date:  9/20/2012
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2012-035
To: All MSI Correspondent Partners
Re: Borrower Paid Compensation; DU Refi Plus; DU Version 9.0 and Other Topics

• Borrower Paid Compensation.
• Clarifications to DU Refi Plus.
• Reminder-DU Version 9.0 release date and summary of changes.
• Conforming Underwriting Issues:
  . REO-No Field Review required if Fannie or Freddie currently owns property.
  . Elimination of Appraisal Forms 2075 and 2055 for LP loans.
• Clarifications for Conforming Product Matrix.
• Funding Suspense Conditions-Expediting Review.

Issue Date:  9/11/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-034
To: All MSI Correspondent Partners
Re: Temporary Extension Fee; DU Refi Plus

• Temporary Extension Fee.
• DU Refi Plus - Standard Loan Amounts Only.

Issue Date:  9/7/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-033
To: All MSI Correspondent Partners
Re: VA Loan Limits; Enhancements to Connexions; Note Endorsements

• Enhancements to Connexions.
• VA Maximum Loan Limits.
• Reminder- Proper Note Endorsement.

Issue Date:  8/30/2012
Effective Date:  As Noted
Correspondent Announcement #: CPA-2012-032
To: All MSI Correspondent Partners
Re: Underwriting Clarifications; Labor Day Closing

• Additional documentation requirements for "verbal" verification of self-employed borrowers.
• Additional language for LP Relief Refinances using an HVE (Option Two).
• Reminder - Isaac.
• Reminder- Fannie Mae DU, Version 9.0.
• Reminder - Labor Day Office Closing.

Issue Date:  8/23/2012
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2012-031
To: All MSI Correspondent Partners
Re: New AMC Added; Labor Day Reminder

• Announces the addition of a new Appraisal Management Company (AMC) partner.
• Reminds Sellers that MSI will be closed on Labor Day.

Issue Date:  8/20/2012
Effective Date:  8/20/2012
Correspondent Lending Announcement #: CPA-2012-030
To: All MSI Correspondent Partners
Re: USDA 2012 Refinance Allocations Depleted Today

• This is to announce that effective immediately, based on depletion of USDA's current fiscal year refinance allocations, MSI will suspend USDA Refinance closings for any USDA loan that does not have a Conditional Commitment.
  If the Lender is delegated, MSI will purchase only those USDA loans that have a Conditional Commitment.

Issue Date:  8/16/2012
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2012-029
To: All MSI Correspondent Partners
Re: FHA Streamline Overlay; USDA Changes and Other Topics

• FHA minimum FICO increase.
• USDA - Advance Notice of Changes to Guarantee Fees.
• Clarification - Attached PUD Insurance Requirements.
• Clarification - Authorized User Accounts.
• Revision for Gift Funds.
• Colorado Restriction for FHA Streamline, VA IRRRL lifted.
• LQI and Government GSA discussion.
• Reminder- Note Allonge.

Issue Date:  8/9/2012
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2012-028
To: All MSI Correspondent Partners
Re: FHA Streamline Overlay; Reminders and Other Topics

• FHA Streamline Overlay.
• Anti-Money Laundering reminder.
• Conventional Underwriting Clarifications.
• Aged Loan Policy Reminder.

Issue Date:  8/3/2012
Effective Date:  As Noted
Correspondent Mortgage Announcement #: CPA-2012-027
To: All MSI Correspondent Partners
Re: Refinance Restrictions; Underwriting Changes; Appraiser Credentials and Other Topics

• Refinance Restrictions.
• Appraiser Credential Requirements.
• Clarification for timing of effective dates for Lender Paid Compensation Agreement.
• Underwriting Enhancements/Clarifications and Revisions.
• REO Property Requirements for Sellers with Delegated Underwriting.
• Clarification-Pricing Relock Policy.
• Clarification for Correspondent Jumbo Product.

Issue Date:  8/2/2012
Effective Date:  As Noted
Announcement #: CPA-2012-026
To: All MSI Correspondent Partners
Re: RD Pilot Refinance-Originator Compensation Issue!

• Clarification from USDA regarding Originator Compensation.

Issue Date:  7/26/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-025
To: All MSI Correspondent Partners
Re: Multiple Topics

• Anti-Money Laundering (AML) Rep and Warrant.
• LPMI - MSI is providing for Correspondent Lenders.
• Life of Loan Flood Certifications.
• FHA Streamlines.
• Underwriting Revisions:
• LLC as property seller.
• Conversion of Departure Residence to an Investment.

Issue Date:  7/18/2012
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2012-024
To: All MSI Correspondent Partners
Re: Reps/Warrants; Disaster Policy and Other Topics

• Disaster Policy Revision.
• Property Eligibility Rep/Warrant.
• Geographic Restrictions.
• Conforming REO requirements.
• Data Trac Web Notice.
• Revisions to Construction to Permanent Financing.

Issue Date:  7/10/2012
Effective Date:  As Noted
Correspondent Mortgage Announcement #: CPA-2012-023
To: All MSI Correspondent Partners
Re: Important Reminders; FHA/VA Revisions and Other Topics

• Disaster Policy Reminder. Colorado Wildfires-MSI policy.
• FHA Revisions.
• VA Multiple Mortgages Revision.
• Geographic Restriction - Bronx, New York.
• Compliance - Rep/Warrant Reminder.
• Release of findings for AUS - Reminder.
• Underwriting - Other Sources of Income.

Issue Date:  6/27/2012
Effective Date:  As Noted
MSI Corr Announcement #: CPA-2012-022
To: All MSI Correspondent Partners
Re: Mortgage History and Important Reminders

• Reminder- MSI will close for Independence Day.
• Conventional Conforming Mortgage History - no lates within the past 12-months.
• Reminder - 2011 Tax Transcripts Required.
• Reminder-FHA Streamline FICO change.
• Funding Delays -For Your Information.
• Reminder- Flood Hazard, additional disclosure language.
• Reminder-Best Efforts Delivery Schedule - Late Delivery.

Issue Date:  6/26/2012
Effective Date:  As Noted
Correspondent Mortgage Lenders Announcement #: CPA-2012-021
To: All MSI Correspondent Partners
Re: USDA Revisions and Clarifications

• Revision to USDA Refinance Pilot regarding Closing Costs and Prepaids.
• Quick View Refinance Matrix.
• Revisions to Refinance Appraisal Requirements.
• Clarification to Household Income requirements.
• Clarification to Student Loan debt requirements.

Issue Date:  6/7/2012
Effective Date:  As Noted
Correspondent Mortgage Lenders Announcement #: CPA-2012-020
To: All MSI Correspondent Partners
Re: Jumbo Product; Updated Online Tracking System; Clarifications

• Re-introduction of the MSI Conventional Jumbo Product.
• Reminder: Updated Online Tracking Web access.
• Clarification: Delinquent Federal Debt.
• Seller Carry Backs-Not eligible for High Balance.

Issue Date:  5/31/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-019
To: All MSI Correspondent Partners
Re: Anti-Money Laundering; Reminders

• Anti-Money Laundering.
• Reminder-AUS Assignments.
• Reminder-FHA Case Number Assignment/Refinance Authorization.

Issue Date:  5/24/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-018
To: All MSI Correspondent Partners
Re: Reminders - Holiday Closing and Other Topics

• Reminder-Memorial Day closing.
• Addition of a 15-year term to our FHA High Balance Product.
• 1075 Condo Appraisal-revision to current guidelines.
• Clarification/Correction for USDA/FHA and VA insurance deductible.
• Reminder regarding Escrow "cushions".

Issue Date:  5/17/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-017
To: All MSI Correspondent Partners
Re: Reminders- NMLS; ULDD and Memorial Day

• Reminders for NMLS.
• Reminders/Tips for Uniform Loan Delivery Dataset (ULDD).
• Reminder regarding Memorial Day Holiday.

Issue Date:  5/10/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-016
To: All MSI Correspondent Partners
Re: MSI FHA Jumpstart Program

• MSI FHA Streamline Jumpstart program.
• Update to the USDA Refinance Pilot Program.
• DU Refi Plus/LP Relief Refinance and a Fannie 2075.

Issue Date:  5/4/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-015
To: All MSI Correspondent Partners
Re: LP Relief Refinance; Employee Loans

• Revisions to MSI's Freddie Mac Relief Refinance Product.
• Clarification of "at interest"/"non-ARMS Length" transactions.

Issue Date:  4/26/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-014
To: All MSI Correspondent Partners
Re: Reps/Warrants; Pricing Policies and Other Topics

• Reps/Warrants - Clarification for Confidential Business Information
• Eligibility - Clarification of personal identification requirements for Principals of non-financial institutions.
• Revisions to Early Pay Off-Recapture Policy.
• Revisions to Relock Policy.
• Revision- Condo Requirement.
• Discussion of Cash Flow Analysis (Statement) for the Use of Business Funds.

Issue Date:  4/20/2012
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2012-013
To: All MSI Correspondent Partners
Re: FHA Amended Dates; DU Refi Plus® and Other Topics

• FHA/VA Multiple Mortgages-owner-occupied properties.
• FHA Amended Effective Dates.
• DU Refi Plus® - expanded guidelines.
• Additional Product Codes for Conforming ARMs.
• FHA Mortgage Record Change - Policy/Process Revision.
• Faster Funding Tips- review of common errors.

Issue Date:  4/12/2012
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2012-012
To: All MSI Correspondent Partners
Re: USDA Refinance Pilot; MERS Reminders; Other Topics

• USDA:
  . Clarification/Revision of USDA requirements.
  . MSI introduction of the USDA Rural Refinance Pilot for Correspondent Sellers.
  . USDA Flood Insurance update.
• Notice of clarification/Correction for Investment FICO, Conforming FRM/ARM.
• Notice of updated HomePath® Form 10.
• Revisions/Reminders and clarifications regarding MERS and transfer of beneficial and servicing rights through MERS.
• Important Reminders to improve loan delivery.

Issue Date:  4/5/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-011
To: All MSI Correspondent Partners
Re: Reminders- FHA MIP; MSI Early Closing; Split MI Correction

• Reminders:
  . FHA change in MIP rates for case numbers assigned on/after April 9, 2012.
  . MSI noon (Central Time) closing on Friday, 4/06/12.
• MSI has corrected all documentation to show that Cash Out Refinance transactions are not permitted for Split MI.

Issue Date:  3/16/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-010
To: All MSI Wholesale Partners
Re: Credit Report Requirements; Other Topics

• MSI's requirement for "Summary" information on the Credit Report.
• MSI clarification of Appraisal Requirements for "Identity of Interest" transactions.
• Reminder/Clarification: Conventional Appraisals for VA IRRRL.
• Reminder: Purpose of MSI Quick Reference Matrices.
• Policy: Loan Officer Signatures on the 1003.

Issue Date:  3/9/2012
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2012-009
To: All MSI Wholesale Partners
Re: Appraisal Form 2075; FHA Changes

• MSI acceptance of Appraisal Form 2075 under specific conditions.
• FHA Mortgagee Letters.

Issue Date:  3/02/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-008
To: All MSI Wholesale Partners
Re: Split MI & Important Reminders

• Important Reminders:
  . Tax Return Deadlines for 2012.
  . MSI does not accept manual underwriting from Delegated Sellers under any circumstances.
  . MSI does not permit Delegated Sellers to underwrite condos that do not have a Fannie Mae approval or a Limited Review status from Fannie Mae.
  . Regarding the accuracy of loan data to MSI.
• MSI will accept Split MI Certificates for Conforming FRM.

Issue Date:  2/17/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-007
To: All MSI Correspondent Partners
Re: Multiple Properties to One Borrower and Other Topics

• President's Day Reminder.
• MSI revision to maximum number of financed properties.
• Updated Seller Guide/Underwriting to comply with Fannie Mae updates for Other Sources of Income.
• Change in Note Endorsement Language and elimination of the ability for a Seller to delegate attorney-in-fact (POA) authority to endorse a Note.
• Compliance reminders/clarifications:
  . Right of Rescission and the Final TIL.
  . Technical Errors on the HUD-1 or HUD-1A

Issue Date:  2/17/2012
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2012-006
To: All MSI Correspondent Partners
Re: Eligibility Requirements - Minimum Net Worth

• This communication announces changes to Mortgage Services III, LLC Eligibility
  Requirements as they apply to Net Worth.

Issue Date:  2/10/2012
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2012-005
To: All MSI Correspondent Partners
Re: Condo/Attached PUD Insurance; Illinois Land Trust

• Addition to Condo/Attached PUD H06 requirements.
• Clarification to Document and Signature Requirements for Illinois Land Trusts.

Issue Date:  2/2/2012
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2012-004
To: All MSI Correspondent Partners
Re: Multiple Topics and Important Reminders and Tips

• MSI enhancement to DU Refi Plus™.
• New Fannie Condo/PUD insurance guidelines.
• New Lock Policies:
  . Addition of an “aggregate loan amount” limit for locking multiple properties.
  . NMLS requirements.
• Important Reminders:
  . Disputed Credit Guidelines.
  . Document Aging: Note Date and “escrow” states.
  . Submission Summary Reports (SSR)- Strict Compliance Required.

Issue Date:  2/1/2012
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2012-003
To: All MSI Correspondent Partners
Re: Important Clarification for MERS

• Important clarifications for MERS.

Issue Date:  1/12/2012
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2012-002
To: All MSI Correspondent Partners
Re: USDA; Temporary Extension Fee; Borrower Privacy; Important Reminders

• Martin Luther King Day.
• Fraud Reports required for USDA loans.
• A temporary added extension fee.
• Borrower Privacy.
• Important Reminders.

Issue Date:  1/6/2012
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2012-001
To: All MSI Correspondent Partners
Re: VA Loan Limits and Other Important Reminders and Tips

• VA loan limits.
• An important clarification for Best Efforts Delivery.
• Clarification for HPML loans.
• Reminder regarding MERS changes.
• Cut-off dates for correcting material TIL Errors.
• Reminder-Proper disclosure of Credits and Fees.
• Tips for MSI Guidelines.
• ULDD Tips.
• Reminder- Recapture Fees (Early Prepayment).
• Reminder Escrow Accounts Required.

2011 Correspondent Lender Announcements

Issue Date:  12/16/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-040
To: All MSI Correspondent Partners
Re: Government High Balance; First Lien Position; Site Condos and UAD

• VA Loan Limits - High Balance IRRRL.
• FHA High Balance Loan Limits.
• Reminder - Holiday Closing.
• Reminder - First Lien Position
• Site Condos and UAD.

Issue Date:  12/8/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-039
To: All MSI Correspondent Partners
Re: USDA Fee Change; FHA High Balance; Other Topics

• USDA Funding Fee change for Refinance Transactions.
• 2012 Reinstatement of FHA High Balance loan amounts.
• Reminder - Ordering Tax Transcripts.
• Underwriting Revisions and Clarifications.
• MERS changes reminder.
• Investment Cash Out Transactions.

Issue Date:  11/23/2011
Effective Date:  As Noted
Correspondent Mortgage Lenders Announcement #: CPA-2011-038
To: All MSI Correspondent Partners
Re: USDA Fund Appropriation; VA Funding Fees

• This communication announces:
• USDA Funding.
• Changes to VA Funding Fees as announced by VA.
• Thanksgiving Holiday Reminder.

Issue Date:  11/17/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-037
To: All MSI Correspondent Partners
Re: Clarification for MERS 123 Members: Clark County Nevada Restrictions; Underwriting Chapter Clarifications; AIR Requirements

• Important clarification for MERS 123 Members.
• Elimination of MSI lending in Clark County, Nevada.
• Underwriting Chapter Clarifications.
• AIR Requirements for FHA/VA and USDA Loans.
• Thanksgiving Holiday Reminder.

Issue Date:  11/3/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-036
To: All MSI Correspondent Partners
Re: UCDP Clarification; Veteran’s Day Reminder; Change to Procedures for Doc Prep

• Important Clarification Reminder for the Uniform Collateral Data Portal (UDCP)
• Veteran’s Day Reminder
• Change in MSI’s Doc Prep Guidelines

Issue Date:  10/27/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-035
To: All MSI Correspondent Partners
Re: USDA, Reminders and Other Topics

• USDA Funding. Temporary Moratorium for Refinance Transactions.
• Reminder for Uniform Appraisal Data (UAD) and Uniform Collateral Data Portal (UCDP).
• Reminder for Nationwide Mortgage Licensing System (NMLS) IDs.
• Revisions to underwriting guidelines for Self-Employed Borrowers and Gift of Equity.

Issue Date:  10/20/2011
Effective Date:  As Noted
Correspondent Mortgage Lending Announcement #: CPA-2011-034
To: All MSI Correspondent Partners
Re: UCDP, Disclosure Language

• New Investor Requirement - Added Language for Flood Insurance and Servicing Transfer Disclosures.
• Reminder - Uniform Collateral Data Portal (UCDP).

Issue Date:  10/13/2011
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2011-033
To: All MSI Correspondent Partners
Re: USDA; VA Funding Fee; Tax Extension Deadline and Other Topics

• USDA Funding.
• USDA loans and Flood Cert.
• Tax Extension Deadline Reminder.
• VA Funding Fee - Announcements by VA.
• MERS Requirements.
• LP re-run after loan closing.