This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
MReport – Andy Beth Miller
Redfin disclosed that the prices of affordable homes in America have increased by 5% during the COVID-19 crisis.
Mortgage Professional America – Ryan Smith
The FHFA announced it had expanded protections for multifamily property owners and tenants during the COVID-19 pandemic.
Search our Compliance Calendar for current regulatory changes & updates.
Fannie Mae published a high-level overview that includes links to related job aids and guidance on COVID-19 payment deferrals and the general payment deferral process, as well as an SMDU UI-specific job aid that provides servicers with step-by-step instructions on how to evaluate for a workout, report a case, create a manual submission, and submit a “second look” in SMDU UI for COVID-19 payment deferral.
Fannie Mae published updated FAQs for COVID-19 selling policies to add new content regarding self-employed and variable income in connection with the temporary guidance in Lender Letter LL-2020-03, Impact of COVID-19 on Originations.
Visit the Freddie Mac COVID-19 Resources to view new Selling FAQs that provides additional guidance related to Guide Bulletin 2020-19 and fluctuating employment income (fluctuating hourly income, commission, bonus, overtime and tip income) during the pandemic.
DSnews – Krista F. Brock
The U.S. House of Representatives passed a Congressional Review Act aimed at reversing a rule altering the Community Reinvestment Act.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
DSnews – Krista F. Brock
Two members of Congress have put forth plans to prevent Americans from losing their homes throughout the COVID-19 crisis.
American Banker
The Senate has passed an extension of the Paycheck Protection Program for small businesses until August 8, 2020.
In this edition, Fannie Mae shares observations on the implementation of the COVID-19 appraisal flexibilities.
Ginnie Mae announces new terms for “Re-performing Loan”, “Timely Payment”, and “Delinquent” to define new pooling eligibility requirements and restrictions.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
USDA announces the extension of the temporary COVID-19 exceptions pertaining to appraisals, repair inspections and income verifications through August 31, 2020, as well as additional FAQs related to the origination and servicing of USDA Single Family Housing Guaranteed loans have been added to the previously posted FAQs.
Mortgage Professional America – Clayton Jarvis
Florida Governor Ron DeSantis announced that $240 million in CARES Act funds would be made available to Florida renters and homeowners to help ease the slow-rolling disaster that COVID-19 continues to impose on the Sunshine State’s renters and homeowners.
Mortgage Professional America – Ryan Smith
Impac Mortgage Holding announced that it is considering going back into non-QM after suspending originations due to the COVID-19 pandemic.
Reverse Mortgage Daily – Chris Clow
Open Mortgage CEO Scott Gordon provides updates on what the company has been seeing during the COVID- 19 pandemic.
