This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
MPA – Candyd Mendoza
The FHFA, in coordination with Fannie Mae and Freddie Mac, announced it would add six new language options to help borrowers with limited-proficiency better understand the mortgage assistance available to them during the COVID-19 pandemic.
June 18, 2020, the VA released a newsflash for Circular 26-18-21 and Circular 26-20-18.
Search our Compliance Calendar for current regulatory changes & updates.
VA has extended the single-family moratorium on foreclosures and evictions through August 31, 2020.
Buckley LLP--InfoBytes Blog
California Executive Order N-52-20 grants an additional 60-day extension to submit real estate license renewal applications, fees, and continuing education requirements.
Buckley LLP--InfoBytes Blog
Missouri Executive Order 20-08 extends remote notary authorization through August 28, 2020.
DSnews – Seth Welborn
According to the Illinois Policy report, the Illinois housing market was one of the weakest in the nation before 2020.
"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
DSnews – Mike Albanese
According to the OCC's Mortgage Metrics Report for the first quarter of 2020 found 96.5% of the mortgages were current and performing at the end of the quarter.
HousingWire
According to a new Study from Clever, homebuyers who purchased during the Pandemic are more likely to have anxiety and stress than those who bought in the last five years.
ABA Banking Journal
SBA announced its new three-page “EZ” Paycheck Protection Program Loan forgiveness application requiring less documentation and fewer calculations than previously.
FHA has extended the single-family moratorium on foreclosures and evictions through August 31, 2020.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
DSNews--Seth Welborn
FHFA has extended the single-family moratorium on foreclosures and evictions from the original expiration of June 30, 2020 until at least August 31, 2020.
FHFA added new translations to the Mortgage Translations website to assist limited English proficiency (LEP) borrowers who are experiencing mortgage-related difficulties due to the coronavirus national emergency, including publishing scripts that servicers use when discussing COVID-19 forbearance with borrowers in English, Spanish, traditional Chinese, Vietnamese, Korean, or Tagalog.
Freddie Mac is reminding servicers that the COVID-19 Payment Deferral has a mandatory effective date of July 1, and the standard Payment Deferral solution is not required for evaluations until January 1, 2021; however, Servicers are encouraged to implement both solutions simultaneously in July 2020.
The CFPB issued frequently asked questions (FAQs) addressing companies’ responsibilities under the CARES Act and the FCRA when they furnish information to consumer reporting agencies about consumers impacted by the crisis.
