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 updates LL-2020-02 to updating certain servicing requirements and reminding servicers of their responsibility to comply with the Coronavirus Aid, Relief, and Economic Security Act on Mar. 27, 2020 (“CARES Act”).
With this bulletin, Freddie Mac provides revised temporary guidance in response to feedback from Servicers, including questions relating to the impact of the recently enacted Coronavirus Aid, Relief and Economic Security Act (“CARES Act”).
Search our Compliance Calendar for current regulatory changes & updates.
Fannie Mae has updated and added to the FAQs ,including questions about virtual inspections and post-purchase quality control reviews, as well as questions about new construction flexibilities added to Lender Letter LL-2020-04, Impact of COVID-19 on Appraisals, last week.
The FDIC, FRS, OCC, NCUA, CFPB, and state financial regulators issued a revision to the previous Interagency Statement issued on March 22, 2020; encouraging financial institutions to work constructively with borrowers impacted by the COVID-19, providing additional information regarding loan modifications, and clarifying the interaction between the interagency statement and related relief provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Black, Mann & Graham L.L.P
The one-year seasoning period for refinancing an existing loan made under Article XVI, Section 50(a)(6) of the Texas Constitution as either a new Texas Home Equity Loan or as a no cash-out rate/term refinance ("F2 Conversion”, is currently waived as a result of the Coronavirus pandemic if the homestead is located within an area that has been declared a ‘disaster’ by the Governor or the President of the United States, and if the homeowner on oath requests the closing less than one year from the original closing due to the disaster.
Mr. Cooper has reportedly placed 86,000 borrowers on forbearance plans to help mitigate the effects of the coronavirus outbreak, representing 2.5% of their total portfolio.
"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
FinCEN updates the March 16, 2020 COVID-19 Notice, provides additional information to assist financial institutions in complying with their Bank Secrecy Act (BSA) obligations during the COVID-19 pandemic, and announces a direct contact mechanism for urgent COVID-19-related issues.
The FDIC, FRS, and OCC issued two interim final rules that make changes to the community bank leverage ratio framework and implement Section 4012 of the Coronavirus Aid, Relief, and Economic Security Act.
The CFPB, FRS, FDIC, NCUA, OCC, and State Banking Regulators jointly issued a statement clarifying regulatory support in that the agencies “do not intend to take supervisory or enforcement action against mortgage servicers for delays in sending certain early intervention and loss mitigation notices and taking certain actions relating to loss mitigation set out in the mortgage servicing rules, provided that servicers are making good faith efforts to provide these notices and take these actions within a reasonable time.”
EXPERT PERSPECTIVES: ARMCO’S DIRECTOR OF COMPLIANCE, KACEY OLSON
"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 CFPB released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic.
DSNews--Krista Franks Brock
A new Corelogic report provides that recovery is underway in Santa Rosa, Sonoma, and Butte counties California based on an increase in building permit applications for properties previously destroyed in the Camp and Tubbs fires.
The FDIC is advising financial institutions of multiple forms of relief available in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to small businesses through programs administered by the Small Business Administration (SBA).
The CFPB released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic, stating lenders must comply with the CARES Act by reporting to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic.
