Wednesday, May 7, 2014

IDS client-specific updates:

    1. IDS Compliance updated two Texas Forms, the Conditional Qualification Letter and the Conditional Approval Letter. Texas made minor modifications to these forms which are located at 7 TAC § 80.201.

    2. IDS Compliance has made great strides in developing the new Fannie Mae required MERS Rider for MT, OR, and WA. Due to the fact that this change came about as a result of a legal decision, IDS is reviewing whether riders or changes to security instruments themselves are required for other loan types, e.g., FHA, USDA, et al. 

    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. Legal is heading up our Security and Data Management Committee. The team meets regularly to ensure that client and system information is always protected.

    5. IDS Compliance has been creating and updating many documents for several Housing Financial Authorities, including the following:

a.    WSHFE 3% Deed of Trust
b.    WSHFE 3% Note
c.    WSHFE 3% TIL
d.    WSHFE Home Advantage 0% 2nd Deed of Trust
e.     WSHFE Home Advantage 0% 2nd Note
f.     WSHFE Home Advantage 0% TIL
g.    WSHFE Home Advantage First Payment Notification
h.    WSHFE Home Advantage First Payment Notification DPA
i.      WSHFE Home Advantage Notice of Assignment
j.      WSHFE House Key Plus Seattle Deed of Trust
k.    WSHFE House Key Plus Seattle Note
l.      WSHFE House Key Plus Seattle Shared Appreciation Disclosure
m.   WSHFE House Key CLT TIL
n.    WSHFE House Key Plus CLT Deed of Trust
o.    WSHFE House Key Plus CLT Note
p.    WSHFE Home Choice DOT
q.    WSHFE Home Choice Note
r.     NCHFA 305 Home Advantage Deed of Trust, to the most current version, 4/2014
s.    NCHFA 306 Home Advantage Promissory Note, to the most current version, 4/2014
t.     CHFA 305 Second Mortgage Note, Created loan program for HomeAccess 2nd Mortgage
u.    CHFA 310 Second DOT, Created loan program for HomeAccess 2nd Mortgage
v.    CHFA 306 Second Mortgage Note (Interest Bearing) - Updated & proofed, changed "2nd Mortgage" loan program to pull this updated doc.
w.   CHFA 311 Second DOT (Interest Bearing) - Updated & proofed, changed "2nd Mortgage" loan program to pull this updated doc.
x.    CHFA 739 First Payment Letter (Interest Bearing) - Created this doc.
y.    CHFA 331B Final TIL Disclosure - Updated to the most current version.

       6. May 04-07 is the much-anticipated MBA's Legal Issues and Regulatory Compliance Conference at the San Diego Marriott Marquis and Marina. The IDS Compliance teams looks forward to attending and learning more about industry changes. Our team also looks forward to meeting any clients who will be attending the conference. 

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