Tuesday, May 20, 2014

May Compliance Updates for idsDoc

1. MERS Rider Implementation Update: by default, the 3158 MERS Rider and accompanying security instrument will start appearing in MERS Originated Mortgage(MOM) closing loan packages that use the FNMA/FHLMC Uniform Security Instrument for MT, OR, or WA where the note date is on/after Oct. 15, 2014. You may start using the 3158 MERS Rider sooner per FNMA SEL-2014-03. At present IDS Compliance is planning on adding a MERS Rider option for other products, e.g, FHA. 

2. MO Loan Brokerage Agreement and Disclosure Statement (Initial Disclosure): IDS Compliance added the following definition regarding "brokers" in Missouri to the "State Specific" page of IDS Loan Files: Residential mortgage loan broker means "any person, other than an exempt person, engaged in the business of brokering, funding, servicing. or purchasing residential mortgage loans." This defines what is commonly considered a mortgage lender. However, Missouri defines a lender as "any person who either lends money for or invests money in residential mortgage loans." IDS Customers should determine based on these definitions if this disclosure must be given. Note: it appears that this document should be given in most circumstances, whether there is a broker involved or not. 

 3. IDS Compliance updated the TDHCA Second Lien documents in Texas.

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