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
As unemployment is at historic high, according to analysis, by realtor.com, found that millennials in several markets would have to delay saving for a down payment for at least nine months to recoup a single month's worth of expenses due to the COVID-19 crisis.
MPA—Clayton Jarvis
STRATMOR Group released the findings of its COVID-19 Homeowner Experience Report based on data collected at the end of April.
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insiderARM – Eric Rosenkoetter
The OAL has 30 days to review the California attorney general’s proposed Final Text of Regulations to ensure compliance with rulemaking standards, which means the regulations could become active and enforced by July 1, 2020.
VA announced the purpose of Circular 26-20-21 is to clarify inspection requirements for properties purchased with the Department of Veterans Affairs (VA) guaranteed loans where the borrowers have been impacted by Coronavirus Disease 2019 (COVID-19).
Bank Director – Kiah Lau Haslett
The COVID-19 pandemic has placed prospective buyers and sellers into limbo.
DSnews – Robert Dietz
According to the Bureau of Labor Statistics, the U.S. economy added millions of jobs, and the unemployment rate decreased in May.
Automated compliance tests to ensure compliance on more loans in less time
DSNews--Seth Welborn
A recent Corelogic report indentified the top 15 metros at risk of storm surge in the upcoming hurricane season, including three - Miami, New York City and New Orleans - which will be experiencing an increasing rate of mortgage nonpayment as a result of the financial ramifications of the pandemic.
DSnews—Seth Welborn
According to McDash Flash Forbearance Tracker, forbearances have seen their first decline since the COVID-19 pandemic began.
FHA defines the endorsement processes for mortgages where a borrower has been granted a forbearance related to the Presidentially-Declared COVID-19 National Emergency prior to the loan being endorsed for FHA insurance, effective for endorsements submitted on or after June 15, 2020.
The CARES Act, passed by Congress, provides individual renters protection for some tenants in federally subsidized or federally backed housing, and some states and local governments have also taken action to offer relief.
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MReport—Mike Albanese
FHA released a new temporary policy that will guarantee that the safeguard of the FHA program continues to work for homeowners coping with financial hardship due to the COVID-19 pandemic.
MPA—Candyd Mendoza
According to Lending Tree’s latest survey, homebuyers have become more motivated to purchase a home in the next 12 months despite the COVID-19 pandemic.
Freddie Mac posted new Selling FAQs to clarify that the temporary requirements in Bulletin 2020-12 do not apply if certain conditions are met even if the borrower was briefly in forbearance; in this scenario, the application of the forbearance credit fee in price would also not apply.
The CFPB is providing temporary and targeted flexibility for credit card issuers regarding electronic provision of Regulation Z account-opening and temporary rate or fee reduction disclosures required to be in writing during the COVID-19 pandemic.
