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Announcement Archive

2011 Correspondent Lender Announcement Archive

Issue Date:  9/29/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-032
To: All MSI Correspondent Partners
Re: USDA Changes and Other Topics

Issue Date:  9/23/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-031
To: All MSI Correspondent Partners
Re: UAD Clarification; NMLS Clarification; Other Topics

Issue Date:  9/15/2011
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2011-030
To: All MSI Correspondent Partners
Re: Reminders and Other Topics

Issue Date:  9/8/2011
Effective Date:  As Noted
Correspondent Mortgage Lenders Announcement #: CPA-2011-029
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  8/25/2011
Effective Date:  As Noted
Correspondent Mortgage Lenders Announcement #: CPA-2011-028
To: All MSI Correspondent Partners
Re: USDA, Temporary Loan Limits and Other Topics

Issue Date:  8/18/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-027
To: All MSI Correspondent Partners
Re: UAD Reminders and Other Topics

Issue Date:  8/11/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-026
To: All MSI Correspondent Partners
Re: FHA Updates and other Multiple Topics

Issue Date:  8/4/2011
Effective Date:  As Noted
Correspondent Mortgage Lending Announcement #: CPA-2011-025
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  7/28/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-024
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  7/21/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-023
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  7/15/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-022
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  7/8/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-021
To: All MSI Correspondent Partners
Re: Underwriting Clarifications, High Balance Underwriting, Pricing Policy Renegotiation

Issue Date:  6/10/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-020
To: All MSI Correspondent Partners
Re: CPM Instructions and Other Topics

Issue Date:  6/3/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-019
To: All MSI Correspondent Partners
Re: Underwriting Enhancements and Other Topics

Issue Date:  5/26/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-018
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  5/19/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-017
To: All MSI Correspondent Partners
Re: Multiple Topics and Important Reminders

Issue Date:  5/18/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-016
To: All MSI Correspondent Partners
Re: Security Update - Protecting Your Private Information with Email Encryption

Issue Date:  5/12/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-015
To: All MSI Correspondent Partners
Re: HomePath®; FHA Streamline Enhancements; Modified
Mortgage Revisions and Other Topics

Issue Date:  5/6/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-014
To: All MSI Correspondent Partners
Re: Reminders, Modified Mortgage Requirements, VA High Balance and other Topics

Issue Date:  4/14/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-013
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  4/1/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-012
To: All MSI Correspondent Partners
Re: LO Compensation Delayed by US Court of Appeals

Issue Date:  3/31/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-011
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  3/25/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-010
To: All MSI Correspondent Partners
Re: LO Compensation and other Multiple Topics

Issue Date:  3/15/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-009
To: All MSI Correspondent Partners
Re: Loan Officer Compensation

Issue Date:  3/10/2011
Effective Date:  As Noted
Correspondent Mortgage Lender Announcement #: CPA-2011-008
To: All MSI Correspondent Partners
Re: MSI Overlays for FHA; USDA Changes and Other Topics

Issue Date:  3/3/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-007
To: All MSI Correspondent Partners
Re: FHA New Guidance and Other Topics

Issue Date:  2/24/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-006
To: All MSI Correspondent Partners
Re: FHA Changes and Other Topics

Issue Date:  2/17/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-005
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  2/10/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-004
To: All MSI Correspondent Partners
Re: Multiple Topics

Issue Date:  1/27/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-003
To: All MSI Correspondent Partners
Re: Various Important Reminders and Clarifications

Issue Date:  1/13/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-002
To: All MSI Correspondent Partners
Re: Conventional FICO; Reminder HUD Anti-Flipping; Contract Underwriters

Issue Date:  1/6/2011
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2011-001
To: All MSI Correspondent Partners
Re: Regulatory Reminders and Various Topics

2010 Correspondent
Lender Announcements
Issue Date:  12/17/2010
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2010-040
To: All MSI Correspondent Partners
Re: GFE and TIL Process; Revised Forms and More Underwriting Clarifications and Year-End Timing

Issue Date:  12/09/2010
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2010-039
To: All MSI Correspondent Partners
Re: FHA and Conventional Underwriting Clarifications -New Deadlines for FHA Loan Program Changes

Issue Date:  12/03/2010
Effective Date:  As Noted
Correspondent Lender Announcement #: CPA-2010-038
To: All MSI Correspondent Partners
Re: USDA Rural Development Clarifications and Revised Form

Issue Date:  12/02/2010
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2010-037
To: All MSI Correspondent Partners
Re: FHA Changes to Loan Correspondents

Issue Date:  11/18/2010
Effective Date:  As Noted
Correspondent Lenders Announcement #: CPA-2010-036
To: All MSI Correspondent Partners
Re: Multiple Changes for Underwriting; USDA New Minimum FICO

Issue Date:  11/10/2010
Effective Date:  As Noted
Announcement #: CPA-2010-035
To: All MSI Correspondent Partners
Re: USDA and Veteran’s Day Reminder

Issue Date:  11/3/2010
Effective Date:  As Noted
Announcement #: CPA-2010-034
To: All MSI Correspondent Partners
Re: Inquiries and Other Topics

Issue Date:  10/27/2010
Effective Date:  As Noted
Correspondent Lending Announcement #: CPA-2010-033
To: All MSI Correspondent Partners
Re: Multiple Topics

 

• Clarifies MSI policy for loans suspended for purchase that exceed the “grace” period.
• Provides clarification regarding MSI acceptance of Escrow (Completion) Holdbacks.

• Reminds Sellers of the FHA program changes effective with case numbers issued on/after 1/01/11.
• Corrects the Conforming High Balance Product Matrix.
• Provides clarification and some revisions to the Conforming Product Matrix.
• Provides an update on USDA Refinance loans.
• Provides important reminders to facilitate funding/closing of government loans.

• Revises MSI’s guidelines for appraisal review when the LP Home Value Explorer indicates a variance greater than 20%.
• Provides guidance on MSI requirements for Non-purchasing Spousal Signatures.
• Further clarifies requirements when interior photos are required for a conventional appraisal.
• Clarifies MSI definition/expectations for a valid first lien.
• Further clarifies MSI requirements and deadlines for Federal Tax Extensions (October 15 is the Federal deadline for all extensions.)
• Provides additional limitations for Conventional High Balance Loans.
• Provides MSI “approved” Credit Agency list.
• Announces the posting of our Eligibility Chapter for the Correspondent Seller Guide.

• Announces new guidelines regarding Inquiries on credit reports.
• Announces new minimum FICO requirements for FHA and VA loans.
• Provides clarification and a reminder for Freddie Mac Relief Refinances.
• Advises Sellers that the RealEC Web Site will be inaccessible during the weekend of October 01, 2010. They are performing system upgrades.
• Provides additional clarification on HELOCs.
• Revises MSI’s position on conventional Cash Out refinance transactions where the property has been listed for sale.
• Announces requirements for calculating clergy income.
• Announces MSI revision to Collections, Charge-offs, Garnishments for all conventional loans.
• Clarifies MSI requirements for documentation when the borrower files for a tax extension.

• Reminds Sellers that FHA has announced changes to the Mortgage Insurance Premiums, effective for case numbers assigned on/after 10/04/10.
• Provides clarification/revisions for LPMI.
• Provides clarification for some HVCC issues.
• Provides guidelines for the purchase of short sale properties.
• Provides additional clarification to Third Party Contributions regarding “Sales Abatements”.
• Provides clarification and MSI guidance regarding property flipping as affected by short sales.
• Revision to qualification with HELOC payments.

• Revises MSI’s appraisal requirements.
• Revises Fannie Mae DU Refi Plus and Freddie Mac Relief Refinance Loans.

• Revises/clarifies MSI Overlay for Mortgage Lates.
• Revises FHA Combined Loan-to Values (CLTV) Requirements for Refinance Transactions.
• Revises the conventional condo rental concentration.

• Announces an MSI overlay for FHA 2-4 Unit Purchase Transactions.
• Provides a reminder for PUD properties.
• Defines/clarifies MSI policy regarding credit and “authorized users”.
• Announces an MSI overlay for conventional loans regarding late payments for
  housing.
• Reminder - Conventional Social Security Verification messages on
  Conventional DU/LP.
• Reminder - MSI Disaster Policy
• Revision/Clarification - Verbal VOE

• This communication announces the resumption of MSI funding for USDA loans.

• Clarifies the MSI position regarding Net Tangible Benefit (NTB) for government loans.

• Revises the MSI Disaster Policy and includes a special note for DuPage and Cook Counties, IL
• Revises/clarifies disputed accounts in AUS.
• Revises FHA guidelines.
• Provides an Update on USDA.
• Adds an Ethical Standards and Responsible Lending statement and the MSI Fair Lending Policy to the Representation and Warranties chapter of the Seller Guide.

• Clarifies MSI policy to ensure compliance with Loan Quality Initiative (LQI) undisclosed liabilities requirements.
• Revises “Special Purpose Refinance” requirements.
• Provides specific Reserve Requirements for loans that are not underwritten by MSI.

• Announces additions to the entities that must be included in the “Qualified Parties” GSA/LDP validation.
• Announces multiple additions, revisions and tips for underwriting.
• Reminds Sellers that the National Flood Insurance Program is again temporarily issuing flood insurance.
• FHA MIC:
• Removes the requirement for the providing the MIC on FHA High Balance loans that are purchased within 60-days of loan closing.
• Announces re-instatement of Lender Paid Mortgage Insurance (LPMI) Product.

• Provides reminders:
• Fannie Mae DO/DU upgrade to Version 8.1-Effective the weekend of June 19, 2001.
• Federal Housing Finance Agency (FHFA) Regulation - New data capture elements - Effective 7/01/10.
• Announces an immediate revision to the MSI requirement for FHA Streamline loans affected by a Disaster.
• Announces an immediate revision to self-employed borrower documentation requirements.
• Provides a definition of MSI Business Day for Rescission and GFE purposes.

• Reminds Sellers that Fannie Mae will release DU Version 8.1 over the weekend of 6/19/10.
• Reminds Sellers of Final GFE requirements for loans underwritten by MSI.
• Provides reminders:
• Copy of photo ID required.
• 30-day Limit on loan purchase.

• Provides a USDA update and revisions.
• Announces elimination of the Correspondent Fraud Prevention Certification form.
• Clarifies and expands requirements to circumvent fraud in short sale purchase transactions.
• Revises MSI Disaster Policy-appraiser requirements.
• Announces additional FHA requirements including Case Numbers and Appraisal Assignment reminders
• Provides TIPS for 4506-T and obtaining Tax Transcripts.
• Reminders:
  . Final HUD-1 Itemization of Amount Financed
  . Tax Transcripts
  . Flood Insurance Temporary Extension Lapsed-Effective 5/31/10
• Clarification: Borrower Decline Restriction

• Announces the MSI policy for declined applicants.
• Provides clarification for the FHA Temporary Waiver of the Anti-Flipping rules.
• Announces policy regarding Disputed Accounts for all loans.
• Reminds/provides a tip: The HUD-1 must include an Itemization of Amount Financed.
• Announces additional information for the FHFA data capture policy.
• Reminds/Clarifies: The full 15-position FHA and VA case numbers must be printed on the Note and Security Instrument.

• This communication announces that effective immediately and until further notice in an Announcement (or via email notice); MSI will not accept new locks. relocks or lock extensions for any USDA loan for which the loan has not received the Standard Conditional Commitment from USDA.

• This communication announces that effective immediately and until further notice in an Announcement (or via email notice); MSI will not fund/purchase any USDA loan for which the loan does not have a GUS approval and USDA's 1980-18 Standard Conditional Commitment.

• Further underwriting clarifications.
• Deadline for 2009 Tax Transcripts.
• Further reminders/tips regarding FHA valid AUS decisions.
• Increase in LTV for conventional cash out refinance.
• Requirements for new Federal Housing Finance Agency (FHFA) Regulations data capture requirements.
• MSI implementation of the Fannie Mae Loan Quality Initiative.

• Provides clarifications to MSI underwriting guidelines.
• Revises MSI FICO guidelines for FHA 5/1 ARM.
• Reminds Sellers that 4/30/10 is the last day for Borrowers to sign a purchase contract to be eligible for the First Time Homebuyer's Tax Credit.
• Revises MSI requirements for FHA Appraisal Ordering.

• Provides clarifications to MSI underwriting guidelines.
• Revises/clarifies MSI guidelines for "pre-foreclosure" issues.
• Clarifies valid AUS requirements for FHA loans.
• Provides a Reminder for VA Condos and "Walls-In" (H06) Insurance.
• Provides a Tip to facilitate funding/purchase.

• Provides some FHA Anti-Property Flip reminders.
• Announces MSI guidelines regarding timing for a final GFE plus requirements to ensure chronological identification of GFE's.
• Clarifies MSI's policy that each loan must have a property address.
• Announces MSI's removal of Florida as an approved state.
• Announces MSI's requirements for the changes to DU 8.0.

• Announces changes/clarifications to our Underwriting Chapter:
  . Corrects/clarifies the Construction-To-Permanent guidelines.
  . Clarifies MSI guidelines for investment properties.
  . Clarifies guidelines for re-establishing credit after a short sale.
  . Provides a reminder/tip that Sellers must obtain Verbal VOE's from a third-party source for all self-employed borrowers.
  . Clarifies/updates requirements for the Attorney Opinion Letter in Revocable Trust situations.
• Clarifies/reminds all Sellers that the FHA case number must be included on the Note and the Security Instrument.
• Corrects a typo in the Rural Development Product Suite.
• Provides a notice regarding the National Flood Insurance Program (NFIP).

• Provides Reminders:
  . Change in FHA Upfront Premiums for FHA loans.
  . Implementation of the Escrow Requirement for Higher Priced Mortgage Loans (HPML).
• Announces the MSI requirement for documentation supporting income for all FHA Streamline loans.
• Announces MSI requirements for conventional Non-Occupant Co-Borrower ratios.
• Clarifies requirements for alimony and child support income.
• Reminds Sellers that MSI has added an AUS Fee to our current Fee Sheet.

• Announces our Extended Lock Period Policy.
• Announces MSI maximum DTI for First Time Homebuyers.
• Clarifies use of 2009 Tax Returns to validate "additional" income.
• Provides guidelines for use of Corporate Net Profit for self-employed borrowers.
• Provides correction/clarification for Hazard Insurance Deductibles for Government loans.

• Eliminates cash out for investment properties.
• Announces additional restrictions for Short Sale Purchase transactions.
• Announces a "drop dead" date for FHA spot condo approvals.
• Provides an HO-6 Condo Insurance Reminder.

• Announces MSI acceptance of UGI as a contract underwriter and MI insurer under certain conditions.
• Revises the Hazard Insurance Rule to 60-days to be consistent with the Tax Payment Rule.
• Clarifies Type P, Detached Condos

• Announces a MSI policy update for Interested Party Contributions.
• Announces new Lock Desk Hours.
• Announces new MSI government overlays:
  . Loan minimum for FHA and VA loans.
  . MSI overlays for the FHA Temporary Waiver of certain Anti-Flipping requirements.
  . MSI Overlay for Conversion of a principal residence to an investment for FHA loans.
• Announces a Certification Form that can be used in lieu of FraudCheck reports.
• Makes one more clarification to the FHA Appraiser Independence guidelines

• Announces MSI's requirement for a separate Itemization of Amount Financed.
• Reminds and clarifies MSI's policy regarding FHA Appraiser Independence.
• Announces MSI policy regarding Seller Credits.
• Reminds Sellers that MSI requires the most current version of DU and LP.

• Announces MSI Policy regarding Fraud Check Systems on all loans.
• Advises Sellers of a new "help" document posted on our Web Site.
• Clarifies MSI policy regarding use of the new 1003.
• Eliminates MSI acceptance of FHA Condo Approvals for Conventional Loans.
• Advises Sellers of temporary unavailability for RealEC.

• Provides a reminder for Martin Luther King Day.
• Provides MSI Overlay Policy for FHA use of the Fannie 1004D/Freddie 442 form.
• Provides the MSI policy regarding purchase transactions with re-negotiated Purchase Agreements.
• Reminds and clarifies HPML; MDIA and RESPA Reform.
• Reminds that all for all loans Sellers must use the Revised 1003 (6/09) for loan applications on/after 1/01/10.
• Announces a change in the Underwriting Submission Process.

• Provides MSI forms and a certification requirement for RESPA Reform.
• Publishes the new effective date for FHA Appraisal Independence guidelines in compliance with HUD's delay issued by Notice on December 22, 2009.
• Reminder and clarification for Illinois Land Trust transactions.

• Issues a critical reminder to Sellers regarding RESPA Reform.
• Clarifies MSI position regarding gift funds.
• Clarifies MSI's position regarding FHA and VA loans and using rental income.
• Provides guidelines and clarifications regarding Auction properties, FHA Condos and FHA Second Appraisals.
• Provides advance notification of a change in the underwriting submission process.

• Critical Reminder - First Payment Letters

• FHA Appraisal guideline changes.
• Fannie Mae DU Version 8.0
• Freddie Mac guideline changes and LP Update.
• Reminder: HPML
• Revision in Representations and Warranties

• MSI clarifications for the Conventional DTI

• Seasons Greetings and Thanks from MSI.
• Overview of 2010 Changes.
• Decrease in Conforming DTI.
• 2010 Loan Limits.
• Clarification/Revision for Single Premium Mortgage Insurance.
• Updates to the 2-4 Unit and Limited Review Questionnaires.

• The Clarification of the MSI Discount Policy as it relates to Correspondent Loans.
• Clarification regarding Attached PUD LTV/CLTV and MSI requirements.
• Clarification of required documents to validate compliance with the Higher Priced Mortgage Loan regulation (HPML)
• MSI acceptance of PMI for mortgage insurance and contract underwriting.

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