2012 Correspondent Lender Announcements

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 Morgtage 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.