This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
FinCEN issued a notice regarding reporting COVID-19-related criminal and suspicious activity and reminding financial institutions of certain Bank Secrecy Act (BSA) obligations.
Freddie Mac is announcing temporary purchase and refinance eligibility requirements for borrowers with existing Mortgages, an update to representation and warranty framework requirements related to Mortgages subject to forbearance agreements, and an extension of temporary requirements for purchase of Mortgages in forbearance.
Search our Compliance Calendar for current regulatory changes & updates.
Fannie Mae has updated LL-2020-06 to extend eligible Note dates to June 30, 2020 and delivery dates to August 31, 2020 for loans going into forbearance after loan closing and before sale to Fannie Mae.
Fannie Mae has updated LL-2020-03 to add temporary eligibility requirements for purchase and refinance transactions and provide links to COVID-19 resources, such as prior selling and servicing lender letters and FAQs.
American Banker--Katy Berry
Five ways the Consumer Financial Protection Bureau has relaxed or eliminated rules so financial institutions can focus on aiding consumers.
American Banker--Hannah Lang
The Federal Housing Finance Agency issued guidance that borrowers with Fannie Mae and Freddie Mac-backed mortgages in forbearance can refinance or purchase once they are considered “current.”
"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
Housingwire--Kathleen Howley
Fannie Mae and Freddie Mac announced that they would be looking for financial advisors toward ending Conservatorship.
DSNews--Seth Welborn
Fannie Mae and Freddie Mac updated the Foreclosure prevention Actions for the month of February, according to the Federal Housing Finance Association.
The VA is extending the foreclosure moratorium through June 30, 2020.
Ginnie Mae is providing Issuers temporary relief from the acceptable delinquency rate threshold requirement identified in Ch. 18, Part 3, § C of the Mortgage-Backed Securities (MBS) Guide.
Automated compliance tests to ensure compliance on more loans in less time
The FRB, FDIC, and OCC announced temporary changes to their supplementary leverage ratio rule to provide flexibility to certain depository institutions to expand their balance sheets in order to provide credit to households and businesses in light of the challenges arising from the coronavirus response.
USDA is providing additional COVID-19 specific guidance, including: an extension of the foreclosure and eviction moratorium through June 30, 2020; forbearance requirements; and post-forbearance options for borrowers impacted by COVID-19.
USDA is extending to June 30, 20202 the temporary exceptions issued on March 27, 2020 pertaining to appraisals, repair inspections and income verifications for the Single Family Housing Guaranteed Loan Program (SFHGLP) due to the COVID-19 pandemic.
Freddie Mac is providing additional Servicing guidance in response to COVID-19, including: extension of the COVID-19 foreclosure moratorium; property inspections for delinquent mortgages; EDR reminder for reporting Mortgages impacted by COVID-19; property valuations for short sales and deeds-in-lieu of foreclosure; HAMP good standing for Mortgages on a COVID-19 forbearance plan, repayment plan, or COVID-19 Payment Deferral; and clarification of the National Emergency Declaration effective date.
