The U.S. Department of Housing and Urban Development Office of Inspector General (HUD OIG) issued a statement dated April 27, 2020, that is not complimentary about how mortgage servicer websites are providing information on...more
On April 29, 2020, Fannie Mae updated Lender Letter 2020-02 to address the announcement by the Federal Housing Finance Agency (FHFA) that it was aligning the mortgage servicer advance requirements of Fannie Mae with those of...more
On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) announced an interpretive rule addressing the waiting periods under the Regulation Z right to rescind provisions and the TRID rule in view of COVID-19, and...more
On April 27, 2020, Fannie Mae and Freddie Mac each issued statements making clear that borrowers in forbearance with their Fannie Mae and Freddie Mac loans because of a COVID-19 related financial hardship will not have to pay...more
In a letter dated April 23, 2020 sent to federal regulators, 27 Democratic members of the House of Representatives joined the call of other members of Congress to create a liquidity facility for residential mortgage loan...more
On April 22, 2020 Fannie Mae in Lender Letter 2020-06 and Freddie Mac in Bulletin 2020-12 address the temporary eligibility for sale of mortgage loans in a COVID-19 forbearance. ...more
As expected by the mortgage industry, due to COVID-19, Fannie Mae and Freddie Mac have extended the mandatory implementation date for the redesigned Uniform Residential Loan Application (URLA) and the updated automated...more
On April 14, 2020, the federal banking agencies announced an interim final rule that will allow for appraisals and evaluations of homes and other real property to be obtained up to 120 days after closing. ...more
The Federal Trade Commission recently published guidance to mortgage borrowers regarding relief that may be available to them because of the COVID-19 emergency.
...more
On April 14, 2020, Fannie Mae again updated Lender Letter 2020-04 and Freddie Mac issued Bulletin 2020-11 to further revise their guidelines regarding mortgage loan originations in view of COVID-19 with regard to appraisals...more
In Circular 26-20-12, dated April 8, 2020, the U.S. Department of Veterans Affairs (VA) updated its prior guidance on the relief available to VA loan borrowers based on the passage of the Coronavirus Aid, Relief, and Economic...more
On April 8, 2020, Fannie Mae, in an update to Lender Letter 2020-02, and Freddie Mac, in Bulletin 2020-10, announced updates to their temporary servicing guidance due to COVID-19. ...more
In Mortgagee Letter 2020-07, dated April 6, 2020, the U.S. Department of Housing and Urban Development (HUD) announced the acceleration of the development and deployment of the FHA Catalyst system to permit lenders to...more
On April 4, 2020 a group of finance industry and housing organizations issued a joint statement calling on government regulators to provide a source of liquidity for mortgage servicers that may need additional capacity based...more
On April 3, 2020, federal agencies and the Conference of State Bank Supervisors (CSBS) issued a joint statement (Joint Statement) providing guidance to residential mortgage loan servicers regarding forbearance measures under...more
The U.S. Department of Veterans Affairs (VA) issued Circular 26-20-10 to provide guidance to lenders assisting loan applicants affected by the COVID-19 national emergency. It also issued Circular 26-20-11 and Exhibit A to...more
The CARES Act permits borrowers with federally backed residential mortgage loans to request a forbearance from making payments for up to 180 days, with the ability to request an extension for an additional 180-day period. The...more
On Wednesday, March 25, 2020, California Governor Gavin Newsom and a long list of mortgage lenders and servicers—including major banks and nearly 200 state-chartered banks, credit unions, and servicers—reached an agreement to...more
On March 24, 2020 the New York State Department of Financial Services (NYDFS) adopted on an emergency basis a regulation that requires New York-regulated banking organizations and New York-regulated mortgage servicers subject...more
On March 25, 2020, Fannie Mae and Freddie Mac updated their servicing requirements and relief related to the COVID-19 crisis. Fannie Mae updated Lender Letter 2020-02, and Freddie Mac issued Bulletin 2020-7....more
On March 25, 2020, Fannie Mae and Freddie Mac announced a new payment deferral loss mitigation option. The Fannie Mae announcement is in Lender Letter 2020-05, and the Freddie Mac announcement is in Bulletin 2020-6 and a...more
In Circular 26-20-8, the Department of Veterans Affairs (VA) “strongly encourages” mortgage servicers to observe a foreclosure and eviction moratorium of 60 days from March 18, 2020, with regard to mortgage loan borrowers...more
In a joint letter to federal government agencies, mortgage industry trade groups present proposals and requests to address issues arising from the national emergency posed by COVID-19. ...more
In response to COVID-19 developments, Fannie Mae and Freddie Mac have issued guidance regarding verifications of employment (VOEs), income continuity, appraisals, title policies, and other matters. The Fannie Mae guidance is...more
As part of the ongoing response to the COVID-19 pandemic, Illinois Governor JB Pritzker issued a “stay home” or “shelter-in-place” order on March 20, 2020, via Executive Order 2020-10 (Order)....more