Monday, April 28, 2014

IDS to incorporate Fannie Mae required MERS Rider in MT, OR, and WA

IDS general update:

As a result of a recent judicial decision regarding MERS, Fannie Mae will now require a MERS Rider (FORM 3158) and related security instrument updates for MT, OR, and WA. Implementation for this change is required on Notes dated on or after October 15, 2014. It is anticipated that this change could affect multiple documents in our system, including the security instruments in these states, and may also require some small system customizations. The IDS Compliance team will verify the accuracy of any changes to our documents and system before the changes go live.

IDS client-specific updates:

  1. IDS Compliance has been doing some much-needed revisions to the Washington State housing programs. As a part of these revisions, we'll also be adding new Washington State housing programs not previously supported.
  2. IDS Compliance has also been performing revisions to the Colorado State housing programs. These revisions should be available to the next couple of weeks.
  3. IDS Compliance has begun work on our website to add a place for the Compliance Updates and other compliance resources in a blog-like format. The launch will take place together with the launch of the new look-and-feel of our company website, June 3, 2014.
  4. IDS Compliance is finally winding down the SOC2 audit period, which has been going on since November 2013.

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