Compliance Newshub
Disaster News

Fannie Mae released Covid-19 scripts that servicers may use with homeowners impacted by Covid-19 when discussing forbearance options.

Reverse Mortgage Daily--Chris Clow

FHA announced Tuesday in ML 2020-12 that it will allow alternative documentation options and delayed documentation delivery deadlines for Home Equity Conversion Mortgage (HECM) lenders that have been affected by the COVID-19 coronavirus pandemic, effective immediately for all assignment claims submitted on or before October 30, 2020.

The FDIC, OCC, and FRS issued an interim final rule (IFR) that allows institutions supervised by the agencies to defer obtaining an appraisal or evaluation for up to 120 days after the closing of certain residential and commercial real estate loans.

Office of Attorney General, Pennsyvania

A coalition of attorneys general from 21 states, the District of Columbia, and Puerto Rico sent a letter to the CFPB Director requesting that the CFPB immediately withdraw its guidance regarding credit reporting during the COVID-19 pandemic and default to the standard provisions of the Fair Credit Reporting Act. 

In response to the ongoing economic implications and uncertainty related to the coronavirus disease (COVID-19) pandemic, Freddie Mac is providing temporary condominium project flexibilities, appraisal flexibility updates, CHOICERenovation® Mortgage updates, post-funding quality control updates, mandatory cash contracts updates, and Remote Online Notarization updates.

Due to disruption related to COVID-19, many states are temporarily allowing remote notarization in conjunction with paper-based loan closings. A new job aid provides information on use of remote ink-signed notarizations. 

Fannie Mae has updated LL-2020-04 to provide flexibilities for condominium project reviews and clarity on virtual inspections for appraisals and renovation loans.

Freddie Mac and Fannie Mae (the GSEs) have published a revised Uniform Residential Loan Application (URLA) implementation timeline with extended milestone dates to support the industry during the COVID-19 pandemic.

VA has rescinded Circular 26-20-11, published March 27, 2020, and provides updated guidance and instructions for valuation and appraising for all VA home loan purposes.

Bank Administration Institute (BAI)--Michael D. Fielding

This article addresses preparation that banks need to take to prepare for upswing in defaults, bankruptcies and credit impairments related to COVID-19.

As the administrator of the BSA, FinCEN is republishing FAQs issued by the Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, explaining the requirements under the Bank Secrecy Act (BSA), and how lenders can meet those requirements when issuing a PPP loan. 

HUD announced new mortgage payment relief guidance under the CARES Act for borrowers with multifamily mortgages insured by FHA or borrowers participating in other HUD multifamily housing programs.