This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
MBA Newslink
The MBAs latest Forbearance and Call Volume Survey reveals the total number of loans in forbearance jumped from 2.73% to 3.74% during the week of March 30 to April 5.
Reuters--Elizabeth Dilts Marshall
JPMorgan Chase is implementing temporary changes due to economic uncertainty, requiring all mortgage applicants to have a credit score of 700 and a 20% down payment.
Search our Compliance Calendar for current regulatory changes & updates.
Ginne Mae announces PTAP/C19 assistance for Issuers under the Single-Family program, allowing Issuers to request PTAP/C19 assistance once per month to cover shortfalls on the P&I due mortgage-backed security (MBS) holders for the month the request is made.
VA announces protections for borrower with a VA-guaranteed or VA-held loan, including a Native American Direct Loan or a vendee loan, who is experiencing a financial hardship due, directly or indirectly, to the COVID–19 emergency, as provided by the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act).
The CFPB issued a Policy Statement on Supervisory and Enforcement Practices Regarding the Remittance Rule in Light of the COVID-19 Pandemic confirming that for international remittance transfers that occur on or after July 21, 2020 and before Jan. 1, 2021, the Bureau will neither cite supervisory violations nor initiate enforcement actions against insured institutions for continuing to provide estimates to consumers under the temporary exception, instead of actual amounts.
The FDIC announces a regulatory relief for financial institutions and steps to facilitate recovery in areas of Oregon affected by severe storms, tornadoes, straight-line winds and flooding.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
The FDIC, CFPB, FRS, OCC, NCUA and Conference of State Bank Supervisors issued a joint statement on April 3, 2020, to announce the agencies' flexible supervisory and enforcement approach during the COVID-19 emergency regarding certain consumer communications required by the mortgage servicing rules.
Reverse Mortgage Daily--Chris Clow
This article looks at how reverse mortgage counseling organizations are adapting their business models to meet recommendations and orders made by local, state and federal authorities up to and including the Centers for Disease Control and Prevention (CDC) during the Coronavirus pandemic.
DSNews--Seth Welborn
A new Corelogic report analyzes state insurers response to California's FAIR Plan Association, a state-established last resort insurer ran by a pool of private carriers that added additional perils to their homeowner insurance plans in November 2019, to areas decimated by California wildfires.
The FDIC provides materials for the Consolidated Reports of Condition and Income (Call Report) for the March 31, 2020, report date, with a reminder that in light of staffing priorities and disruptions caused by COVID-19 the agencies will not take action against any institution for submitting its March 31, 2020, Call Report after the respective filing deadline, as long as the report is submitted within 30 days of the official filing date.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
In response to the impact on the financial markets by COVID-19, the FDIC, FRS, and OCC published three interim final rules and a notice impacting the instructions for calculation of certain amounts reported on Schedule RC-R, Regulatory Capital, and apply to the three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101).
Ballard Spahr LLP
Federal guidance to implement COVID-19 emergency legislation is constantly changing, and the changes in position are not always highlighted.
The FDIC, FRS, and OCC have issued an interim final rule that allows banking organizations to neutralize the regulatory capital effects of participating in the Federal Reserve's Paycheck Protection Program Lending Facility.
Servicers are reminded to report forbearance plans to Fannie Mae in the Asset Management Network™ using status code 09 and reason code 022.
