This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
Dsbews – Daren Blomquist
Loss mitigation solutions have proven to the most effective for preventing foreclosures following a market crisis.
ABA Banking Journal
SBA released revised PPP application forms to reflect eligibility for applicants with prior felony convictions.
Search our Compliance Calendar for current regulatory changes & updates.
Fannie Mae has updated LL-2020-06, Selling Loans in Forbearance Due to COVID-19, to extend the eligible note dates to July 31, 2020 and delivery to September 30, 2020.
Fannie Mae has updated LL-2020-04, Impact of COVID-19 on Appraisals, to extend the application dates for these temporary policies to July 31, 2020.
Fannie Mae has updated LL-2020-03, Impact of COVID-19 on Originations, to extend the application dates for these temporary policies to July 31, 2020.
Freddie Mac announces the extension of temporary COVID-19 selling requirements and flexibilities related to: credit underwriting requirements; appraisal and GreenCHOICEMortgage® flexibilities; condominium project flexibilities; power of attorney flexibilities; and requirements for the purchase of mortgages in forbearance.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
ABA Banking Journal
The Small Business Administration and Treasury Department announced an interim final reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act.
MReport – Mike Albanese
The Federal Reserve announced, “ until it is confident,” the economy has recovered from the COVID-19, and the employment market is back on track; the interest rates will remain at 0 to .25%.
This bulletin provides updates to our temporary requirements related to COVID-19
Fannie Mae has updated LL-2020-02 to clarify that the servicer is authorized to not send a payment reminder notice to the borrower during an active forbearance plan term.
"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
Fannie Mae has updated LL-2020-05 to make reference to the updates to the workout option incentive fee structure introduced in Lender Letter LL-2020-09, Incentive Fees for Retention Workout Options.
Fannie Mae has updated LL-2020-07 to communicate the incentive fee and reference the new incentive fee structure introduced in LL-2020-09; provide clarification on HAMP good standing; provide clarification on continued solicitation for a Fannie Mae Flex Modification; and provide a revised COVID-19 payment deferral agreement in reference to the CARES Act.
Fannie Mae is aligning policies with Freddie Mac to limit servicer obligations to advance scheduled monthly payments to four months for scheduled/scheduled (S/S) remittance type mortgage loans effective for August 2020 remittance activity based on July 2020 reporting activity.
Fannie Mae is providing a new temporary structure for incentive fees effective July 1, 2020 and until further notice for all completed repayment plans with due dates on or after July 1, 2020, payment deferrals/COVID-19 payment deferrals completed on or after July 1, 2020, and Fannie Mae Flex Modifications completed with a Trial Period Plan effective date on or after July 1, 2020.
