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 CFPB published a consumer guide to help consumers understand their options and reach out for help if they cannot make mortgage payments because of the coronavirus.
This edition includes updates to LL-2020-03 and LL-2020-04; temporary alternative to post-close quality control appraisal field reviews; new how-to video for temporary appraisal flexibilities; and New servicer job aids related to COVID-19.
Search our Compliance Calendar for current regulatory changes & updates.
Fannie Mae has updated LL-2020-04 to include flexibilities for new construction and HomeStyle® Renovation loans, including detailed documentation requirements to be provided to the appraiser, among other updates.
The Lender Letter has been updated to address temporary provisions for the following requirements: age of documentation; verification of self-employment; market-based assets; powers of attorney; remote online notarization; and lender quality control requirements.
Freddie Mac has issued additional temporary guidance for sellers to address the ongoing economic implications and uncertainty related to the coronavirus disease (COVID-19) pandemic and its impacts on Borrowers and the Mortgage origination process.
DSNews--Seth Welborn
FEMA is extending the grace period for National Flood Insurance Program (NFIP) renewals from 30 to 120 days applicable to NFIP flood insurance policies with an expiration date between February 13, 2020 and June 15, 2020.
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This Circular provides guidance for valuation and appraising for VA home loan purposes.
This Circular describes temporary measures for VA home loan borrowers affected by COVID-19 regarding loan origination, closing, and guaranty.
Black, Mann & Graham L.L.P.--David F. Dulock
The CARES Act (Public Law No. 116-136) signed into law by the President includes Section 4021 of the Act amends Section 623(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)(1) to provide certain credit reporting protect for consumers affected by COVID-19.
Reuters--Pete Schroeder
U.S. banking regulators have advised banks that the capital implications of the CECL accounting standard has been postponed for two years as a result of the coronavirus pandemic.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
The Hill--
New Jersey Gov. Phil Murphy (D) announced that he and dozens of financial institutions have reached an agreement on a 90-day grace period for mortgage payments and foreclosure initiations amid the coronavirus outbreak.
The FDIC announced that it will not take action against any institution for submitting its March 31, 2020, Consolidated Reports of Condition and Income (Call Report) after the official filing deadline, provided the report is submitted within 30 days of the official filing deadline.
The FRS, FDIC, NCUA, OCC, and CFPB have issued a joint statement encouraging banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19.
The CFPB is providing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic by postponing some data collections from industry on Bureau-related rules to allow companies to focus on responding to consumers in need and making changes to its supervisory activities to account for operational challenges at regulated entities.
