This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
Veros Real Estate Solutions, has identified 11,519 single-family homes in Nashville, Tennessee and surrounding areas which have likely been impacted by the destruction of the recent tornadoes in the area.
In order to address concerns and minimize potential market disruptions related to COVID-19, Ginnie Mae is undertaking a temporary measure allowing for the electronic execution and transmission of form HUD 11711A (Release of Security Interest) and form HUD-11711B (Certification and Agreement).
Search our Compliance Calendar for current regulatory changes & updates.
Freddie Mac is providing additional guidance on: EDR requirements for borrowers with COVID-19 related hardships; temporary Servicer relief from certain property inspection and property preservation requirements; temporary limitations to our property valuation requirements for borrower-requested cancellations of mortgage insurance; clarified requirements for streamlined Flex Modifications evaluations for borrowers with a COVID-19 related hardship; outreach and collection techniques reminder for servicing delinquent mortgages; annual reporting deadline extension; use of Electronic Records and Signatures; and Seller/Servicer business continuity plan requirements.
Fannie Mae has updated LL-2020-02 to include guidance to address: achieving quality right party contact (QRPC); reporting a reason for delinquency code; property inspections and preservation; obtaining valuations associated with MI termination requests; and submission of financial statements and reports.
The California Department of Business Oversight (DBO) issued guidance to financial institutions to waive fees (ATM, overdraft, late payment, early withdrawal penalties), increase ATM daily cash withdrawal limits, ease restrictions on cashing out-of-state and non-customer checks, increasing credit card limits for creditworthy borrowers, and offer payment accommodations to avoid delinquencies and negative credit bureau reporting caused by Covid-19-related disruptions.
American Banker--Laura Alix
New York’s Department of Financial Services issued an emergency regulation requiring banks and credit unions already regulated by the agency to give mortgage borrowers forbearance of at least 90 days if they apply for assistance due to job loss or other issues brought on by the economic fallout from the pandemic, as well as waive ATM fees, overdraft fees, and late payment fees on credit cards.
ACES ENGAGE 2025 registration now open!
Join us at the Broadmoor in Colorado Springs on May 18-20, 2025.
Reverse Mortgage Daily--Chris Clow
More than 40 consumer advocacy groups are urging HUD to expand measures for reverse mortgage borrowers during the national coronavirus crisis.
ABA joined several financial and mortgage industry trade associations in a letter to the Federal Reserve, HUD, FHFA, the CFPB, the U.S. Treasury Department and the White House today to provide the industry’s view on responding to the many challenges COVID-19 poses to the mortgage markets and to borrowers.
Reverse Mortgage Daily -- Chris Clow
The reaction by the servicing side of the reverse mortgage business to FHA's moratorium on new and pending foreclosures and evictions for 60 days has been generally positive.
DSNews--Seth Welborn
Wells Fargo announced that it has suspended residential property foreclosure sales, evictions and involuntary auto repossessions, as well as offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact the company
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The FRS, FDIC, NCUA, OCC, CFPB and State Banking Regulators issued a joint statement encouraging financial institutions to “work constructively” with borrowers affected by the coronavirus pandemic and said they “will not criticize” loan modifications made in a “safe and sound” manner.
Bankrate--Natalie Campisi
Several mortgage lenders, including Bank of America, Quicken Loans, TD Bank, Wells Fargo and Ally Bank, are offering programs for borrowers who are experiencing a hardship due to COVID-19.
USDA announces a foreclosure and eviction moratorium for all USDA Single Family Housing Guaranteed Loans Program (SFHGLP) loans for a period of 60 days.
The Federal Reserve Board, the FDIC, and the OCC will provide favorable consideration of certain retail banking services, retail lending activities, and community development activities related to this national emergency for Community Reinvestment Act (CRA) purposes.
