This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
The Hill--Sylvan Lane
CFPB Director Kathy Kraninger confirmed 42,774 consumer compliaints were filed in April, most of which were coronavirus-related complaints involving mortgages and credit card debt from consumers struggling to pay their bills or understand the extent of federal relief programs for certain homeowners.
BAI--Debbie Bianucci
Financial services leaders are reviewing options on how to safely reopen, including accomodations for higher-risk employees, phased-in approaches based on the face-to-face needs of specific roles, and variations by geography as the COVID-19 pandemic continues.
Search our Compliance Calendar for current regulatory changes & updates.
MReport--Mike Albanese
Ginnie Mae reports $836,682 advances in April to three servicers as part of it's Pass-Through Assistant Program.
DS News--
FEMA and the Office of the Flood Insurance Advocate have released plans to reduce the complexity of the National Flood Insurance Program.
The CFPB issued an interpretive rule clarifying that consumers can exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules, as well as published an FAQ document that addresses when creditors must provide appraisals or other written valuations to mortgage applicants in order to expedite access to credit for consumers affected by the COVID-19 pandemic.
In follow up to Bulletin 2020-12, which outlined temporary delivery requirements and related fees for mortgages in forbearance, Freddie Mac is providing further guidance for the treatment of contracts accepted prior to the publication of the April 22 Bulletin v. contracts accepted after the publication of the Bulletin.
"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
Fannie Mae has updated LL-2020-02 to inform servicers of their intent to limit servicer obligations to advance scheduled monthly principal and interest payments for certain delinquent loans as a result of FHFAs recent addresses of servicer liquidity concerns.
FHA announced the availability of new Default Reason Code 055 – Related to National Emergency Declaration, in the Single Family Default Monitoring System (SFDMS), available for use effective immediately.
Reverse Mortgage Daily--Chris Clow
This article explores key takeaways from recent guidance issued by HUD that was discussed by a panel of reverse mortgage servicing professionals in a webinar hosted by the National Reverse Mortgage Lenders Association (NRMLA) this week.
The VA revised Circular 26-20-10 to add that the "Secretary has the authority to delegate the responsibility to an approved lender to close loans on an automatic basis" and "any loan closed under this authority is considered guaranteed as of the date of loan closing.”
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms, tornadoes, straight-line winds and flooding.
DS News--Seth Welborn
Pete Gaynor, FEMA Administrator, has provided information on how to address the upcoming hurricane season and shelters during COVID-19.
Freddie Mac is providing guidance to lenders on how to identify if Freddie Mac owns the mortgage being refinanced for purposes of the temporary appraisal flexibilities; including: the use of Loan Product Advisor® Feedback Messages, an optional Loan Look-Up API, and a Loan Look-Up Tool.
Buckley LLP--InfoBytes Blog
Nine states announced a multi-state initiative to provide student loan relief options for borrowers with commercially-owned Federal Family Education Loan Program loans and privately held student loans not covered by the CARES Act.
