This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
Fannie Mae has updated LL-2020-05 to clarify how servicing fees, guaranty fees, and excess servicing fees (if applicable) will be reimbursed for mortgage loans that receive a payment deferral.
Fannie Mae issued LL-2020-11 to introduce a new retention workout option for borrowers with resolved financial hardships related to disasters, update other payment deferral Lender Letters to clarify how certain fees are reimbursed to servicers, adjust requirements for repayment of escrow shortages in connection with a COVID-19 payment deferral, and incorporate the new disaster payment deferral into Fannie Mae's workout hierarchy and the schedule of incentive fees for retention workout options.
Search our Compliance Calendar for current regulatory changes & updates.
The HUD Office of Inspector General has issued a COVID-19 OIG Bulletin detailing recommendations to maintain an organization’s ethical climate.
FHA published draft revisions to Handbook 4000.1 proposing updates and policy clarifications, including those which incorporate changes to FHA’s Loss Mitigation waterfall, align requirements with industry standards, and streamline documentation requirements and processes; comments are due by September 12, 2020.
DSnews – Daren Blomquist
Short-term mortgage forbearance paired with practical loss mitigation solutions has proven to be the most effective way to prevent unnecessary foreclosures following a crisis; however, long term foreclosure moratoriums can potentially be harmful.
DSnews -- Chuck Green
The CFPB reports in an analysis of recent trends in settling debt and credit counseling that it’s no secret that many Americans are struggling with debt during this COVID-19 pandemic.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Mortgage Professional America – Ryan Smith
Democratic lawmakers are asking the OCC to confirm that state-issued mortgage relief regulations are enforceable.
HousingWire – Laurence Platt
Ginnie Mae’s enforced restriction on regrouping of re-performing forborne loans yet again penalizes servicers acting as critical service providers in the ongoing struggles to defend mortgagors facing financial hardship due to COVID-19.
Mortgage Professional America – Ryan Smith
According to ATTOM Data Solutions report, the housing markets on the East Coast and in Northern Illinois are the most vulnerable to impact from the COVID-19 crisis.
HouseWire – Kathleen Howley
According to a report from the Mortgage Bankers Association, The U.S. mortgage forbearance rate fell to 8.39% in the last week of June.
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Mortgage Professional America – Ryan Smith
According to a new report by Federal Reserve economists, with the COVID-19 crisis still raging-and government relief programs due to expire, the US could see a rise in foreclosures.
Mortgage Professional America – Ryan Smith
According to the Black Knight report, last week, the number of active forbearance plans dropped by 104,000 from the week before, the most significant drop yet.
Mortgage Professional America – Candyd Mendoza
CoreLogic introduced OneHome, a virtual marketplace that links home-buyers to mortgage, insurance, and home improvement options.
MReport – Krista F. Brock
The Federal Reserve and Treasury discussed the next steps in response to the COVID-19 pandemic’s economic impact, including additional aid and further stress testing of financial institutions.
