Please find our monthly Regulatory Compliance Change Management Summary as of January 31, 2018 here.
month’s Regulatory Compliance Change Management conference call will take place
on Wednesday, February 27 at 3 pm EST.To register for the
monthly call, please email email@example.com.
For your convenience, the call will be recorded and made available to clients
who are unable to attend. If you have already registered for a previous
call there is no need to request registration again.
questions related to the monthly summary, overview process, or specific
regulatory change items can be sent directly firstname.lastname@example.org
and the Compliance Department will respond within 2 business days of receipt
(excluding weekends and holidays).
– Maryland SB-578/HB-633 – Maryland has amended the statute pertaining to the
State’s Address Confidentiality Program (ACP). This change broadens its purpose
to allow participants to use the address designated by the Secretary of State
as an alternative address, as well as allowing financial institutions to
require the ACP participant to submit the request in writing on the form
prescribed by the Secretary of State. Please be advised that you will see an
update to Cenlar’s transfer instructions requesting any loans with borrowers
who are program participants be identified to ensure proper coding.
5234 – Mortgage Partnership Finance (MPF) Announcement 2018-60 – Early
Eligibility Review At 120 Days Delinquent – There’s been a change to the
Traditional Servicing Guide with the addition of Chapter 8.9. This new chapter
provides that the MPF Bank reserves the right to conduct an early eligibility
review of any Conventional Mortgage Loan on the first occurrence of the loan
reaching 120 days delinquent. The MPF Provider will review each Mortgage
loan selected for an early eligibility review to verify that it meets the
definition of investment quality and complies with the Guides and the
Applicable Agreements. The MPF additionally provided a list of High Level
Concern (HLC) Review Exceptions. Refer to Chapter 8.10.2 of the MPF Traditional
Servicing Guide to obtain the complete list of exceptions. If the MPF Bank
decides to conduct an early eligibility review of your files, MPF will notify
you in writing to submit specified loan documents to them at the address
contained in the notification. If you determine you need documents from
Cenlar in order to complete the MPF request, please follow the normal protocols
of contacting Client Audit Support at email@example.com
to request the specified HLC Mortgage Loan documents.