This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
DSnews – Christina Hughes
According to an analysis by ATTOM Data, in a worse -case scenario, residential evictions due to delinquent loan payment could double or worse in the coming years.
DSnews – Andy Beth Miller
According to a survey by Redfin, homebuyers are feeling pressure to change their home purchasing plans due to the COVID-19 pandemic.
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For mortgages on properties in Oregon, lenders must provide the Fannie Mae Notice of Accommodations form required by Oregon HB 4204 known as the Oregon COVID-19 Borrower Relief Act.
Mortgage Professional America – Ryan Smith
Lawmakers are demanding answers after multiple reports that Wells Fargo has placed borrowers who were not delinquent in mortgage forbearance programs without their consent.
Fannie Mae announces the payment deferral matrix has been updated to reflect fee reimbursements, incentive fees, escrow shortages, and Flex Modification reduced eligibility requirements, as well as to include the new disaster payment deferral retention option.
Fannie Mae has reposted the FAQs for COVID-19 selling policies with updates to the income and appraisals sections, providing more information in connection with the temporary guidance in the Lender Letters Impact of COVID-19 on Originations (LL-2020-03) and Impact of COVID-19 on Appraisals (LL-2020-04).
Automated compliance tests to ensure compliance on more loans in less time
FHA published ML 2020-23 modifying requirements in response to COVID-19, to include self-employment income verification of business operations and rental income requirements effective for cases with Note Dates on or after July 28, 2020 through November 30, 2020, and the Approval of Extension Requests and Release of Funds under FHA 203(k) Rehabilitation Mortgage Insurance Program, effective immediately for open escrow accounts through November 30, 2020.
Mortgage Professional America – Candyd Mendoza
Homespire Mortgage launches its Homeowenership for Healthcare Heroes Program is a new initiative that waives all lender fees for qualified healthcare workers during the COVID-19 pandemic.
Washington State Governor Jay Inslee signed proclamation 20-19.3, extending both the state of emergency and the statewide moratorium on evictions through October 15, 2020.
MReport – Andy Beth Miller
According to Redfin, a surge of Americans (27.4%) are looking to relocate to have more room for office space given the work-from-home order.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
DSNews--Phil Hall
The 2020 hurricane season is off to an active start, with three storms actively on radar; this article explores the impact this season may have on the housing market.
Weiner Brodsky Kider PC
Pennsylvania's Governor issued an Executive Order extending the suspension of foreclosure notices and staying evictions until August 31, 2020.
Mortgage Professional America – Ryan Smith
The First Time Home-buyers Pandemic Saving Act introduced to Congress is designed to help first-time home-buyers purchase a home during and after the recovery from the COVID-19 pandemic.
Mortgage Professional America – Ryan Smith
According to new statistics from TransUnion, a credit reporting company, the percentage of mortgage borrowers dealing with financial hardship as a result of the COVID-19 crisis may be starting to level off.
