14
Feb
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Monthly Regulatory Compliance Change Management Summary

Please find our monthly Regulatory Compliance Change Management Summary as of January 31, 2018 here

This 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 compliancechgmngt@cenlar.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.

Any questions related to the monthly summary, overview process, or specific regulatory change items can be sent directly to compliancechgmngt@cenlar.com and the Compliance Department will respond within 2 business days of receipt (excluding weekends and holidays).

Noteworthy Items:            

  • Q5270 – 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.
  • Queue 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 clientauditrequest@cenlar.com to request the specified HLC Mortgage Loan documents.