This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
DSnews—Seth Welborn
According to the report, titled “How Economic Crises and Sudden Disasters Increase Racial Disparities in Homeownership” from the Urban Institute, the COVID-19 pandemic is also widening the racial gap.
MBA Newslink--Mike Sorohan
A CoreLogic report states that more than 7.1 million single family and more than 250,000 multifamily residences along the Atlantic Seaboard/Gulf Coast are at risk of storm surge damage this year.
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DSnews – Seth Welborn
According to the Urban Institute, the inequality in the housing market is likely to be magnified following the COVID-19 pandemic.
Florida Governor Ron DeSantis extended the statewide moratorium on evictions and foreclosures under Executive Orders 20-94 and 20-121 until July 1, 2020.
The CFPB has issued FAQs explaining whether failure to deliver remittance transfer funds to the designated recipient by the disclosed date of availability due to certain government-mandated closures in response to the COVID-19 pandemic is an error under the Remittance Rule.
ABA Banking Journal
The ABA Foundation introduces a new housing relief resource page to assist millions of Americans struggling to make monthly housing payments due to COVID-19.
"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
insideARM—Katie Grzechnik Neil
The governor of Nevada issued a declaration outlining “Phase Two” of the state’s COVID-19 reopening guidelines that states that any prior directive not expressly discussed in the declaration is extended to June 30, 2020.
Housingwire—Kathleen Howley
Black Knight states request from homeowners has slow down with the total number of mortgages in forbearance at about 48 million.
Fannie Mae has updated LL-2020-03 to outline additional requirements for borrowers using self-employment income to qualify for loans.
Fannie Mae has updated LL-2020-04 to include additions for recourse removal for forbearance eligible HomeStyle Renovation, confirming delivery timeframe for HomeStyle Renovation loans and added additional FAQ links.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Freddie Mac is announcing temporary underwriting and delivery requirements for self-employed income and CHOICERenovation® Mortgages, delivery requirements for “no cash-out” refinance mortgages, and data requirements for mortgages that are in COVID-19 forbearance and are delinquent.
REUTERS—Alun John
According to Hong Kong’s securities watchdog, policies for remote working put in place by financial institutions due to the COVID-19 pandemic have caused an increase in operational risk.
BankDirector.com--Patrick Hanchey
The banking industry is now on the radar for whats the next phase of the Covid-19 pandemic.
Fannie Mae has updated LL-2020-07 to add operational requirements related to reporting and completing a COVID-19 payment deferral; add the process for obtaining reimbursement for expenses; add reporting delinquency status code and reporting requirements; add requirements for paying expenses; and add updates to the investor reporting manual.
