MBA's publication, The Uniform Single Attestation Program for Mortgage Bankers (the USAP), was published in 1995 as a successor to the previous MBA Program, The Uniform Single Audit Program for Mortgage Bankers. The latter Program was published initially in 1968 to provide assurances to investors regarding the servicing of their loans, and to curtail the numbers of servicing audits that mortgage companies were being subjected to. While many mortgage companies today are still contractually bound to provide investors and others with a USAP Report, companies that are issuers and/or servicers of publicly registered commercial-mortgage backed securities (CMBS) and private label residential-mortgage backed securities (RMBS) must now also submit reports prepared in accordance with Item 1122, Compliance with applicable servicing criteria, of Regulation AB, Asset-Backed Securities, published by the Securities and Exchange Commission in 2004. As the Item 1122 engagement largely encompasses and expands upon the USAP engagement, many people believe the latter engagement will become less prevalent as increasing numbers of investors and others request, or accept, Item 1122 Reports in place of USAP Reports. As a consequence, MBA has suspended all plans to update the current, 1995 version of the USAP until further notice.
Links to the current version of MBA's USAP, and other relevant documents and sources of information, are listed below.
Link to Regulation AB: http://www.sec.gov/rules/final/33-8518fr.pdf
Link to Regulation AB Telephone interpretations: http://www.sec.gov/interps/telephone/cftelinterps_regab.pdf
Link to AICPA Guidance on Attest Engagements: http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Authoritative+Standards/attestation_standards.htm
Link to PCAOB Guidance on Attest Engagements: