This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
Fannie Mae announced that it has published a list on DUS Disclose (MBS Reports section) that identifies MBS for which an underlying loan is in a Covid-19-related forbearance period.
Fannie Mae encourages sellers/servicers to work with borrowers affected by the COVID-19 crisis, reminding sellers/servicers to adhere to obligations under the Equal Credit Opportunity Act, Fair Housing Act, and related regulations and regulatory agency guidance to avoid potential fair lending risks.
Search our Compliance Calendar for current regulatory changes & updates.
Fannie Mae confirms Loan Delivery and EarlyCheck™ and their business rules were updated to support the delivery of loans in forbearance due to COVID-19.
Reverse Mortgage Daily--Chris Clow
FHA addressed a series of commonly-asked questions from stakeholders related to recent guidance the agency has issued for COVID-19 relief provisions.
DSNews--Seth Welborn
A new Black Knight reports reflects that March saw a 3.33% rise in delinquencies as a result of the COVID-19 pandemic.
Freddie Mac is providing guidance on temporary requirements for the purchase of mortgages in forbearance for mortgages with Note Dates on or after February 1, 2020 and on or before May 31, 2020, and Settlement Dates on or after May 1, 2020.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Fannie Mae has published guidance on the eligibility and delivery requirements for loans that have gone into forbearance after loan closing, for loans closed between February 1, 2020 through May 31, 2020.
The FRS is issuing an interim final rule that excepts certain loans that are guaranteed under the Small Business Administration's Paycheck Protection Program from the requirements of section 22(h) of the Federal Reserve Act and the corresponding provisions of the Board's Regulation O as a result of the Coronavirus Disease 2019; effective April 22, 2020.
FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Mississippi affected by severe storms, tornadoes, straight-line winds and flooding.
Housingwire--Ben Lane
The FHFA's new policy only requires servicers to advance four months of missed payments for loans in forbearance.
"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
Pepper Hamilton LLP--Richard P. Eckman
This client alert stresses that Paycheck Protection Program (PPP) lending under the CARES Act is subject to the ECOA’s general prohibitions against unlawful discrimination and the requirement to provide notice of credit decisions and adverse action.
Banking Exchange--Banking Exchange Staff
JP Morgan in California has received notice of a class action lawsuit alleging unfair business practices by prioritizing borrowers who were seeking larger loan amounts rather than a good faith effort to take business on a first come first serve basis in the federal small business Paycheck Protection Program.
VA has published an update to Circular 26-20-14 to provide additional guidance and information regarding the Department of Veterans Affairs (VA), Loan Guaranty Service (LGY), transition to the new automated Appraisal Management Services (AMS) for use in enhancing the appraisal review process prior to issuance of the Notice of Value (NOV).
HousingWire--Ben Lane
Under the CARES Act, companies are required to report customers as current where the customer has sought relief due to the pandemic; now, customers will have the ability to monitor their credit reports every week to ensure that’s happening.
