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 FDIC is providing two sets of frequently asked questions (FAQs), one for financial institutions and one for consumers, the potential impact of COVID-19.
FHA formally announces a foreclosure and eviction moratorium for all FHA-insured Single Family mortgages for a period of 60 days, effective immediately.
Search our Compliance Calendar for current regulatory changes & updates.
HousingWire--Ben Lane
A foreclosure moratorium has been instituted by HUD and by the GSEs for "at least 60 days".
REMINDER: Check MBA's Coronavirus (COVID-19) Resources page frequently for the latest updates regarding state guidelines, GSE resources, and other resources affecting our industry during this pandemic.
This Circular provides guidance to provide relief for VA mortgagors affected by the severe storms, tornadoes, straight-line winds, and flooding in Tennessee.
The FDIC encourages financial institutions to take prudent steps to assist customers and communities affected by the Coronavirus Disease 2019 (referred to as COVID-19).
"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 Agencies have issued an interagency statement on supervisory practices regarding financial institutions affected by tornadoes in Tennessee.
DSNews--Seth Welborn
FEMA and the Central Office for Recovery, Reconstruction and Resilience (COR3) are providing an additional $38M in funding towards 116 projects related to the recovery and reconstruction of Puerto Rico.
DSNews--Seth Welborn
A recent CoreLogic report shows that delinquencies have fallen to historically low levels in December 2019, and that areas recovering from natural disasters saw some of the biggest drops in delinquency.
Banking Exchange--Banking Exchange Staff
Banks and financial institutions have pledged donations to help communities affected by the devastating tornadoes that ripped through the state last week.
Automated compliance tests to ensure compliance on more loans in less time
DSNews--Seth Welborn
The sever storms and tornado activity in central Tennessee has hit an estimated $1B in damages.
Freddie Mac issued important Seller/Servicer information on potential impacts of COVID19, including a reminder that borrowers impacted by COVID19 meet the forbearance hardship requirements under the eligible hardship listed in Single-Family Seller/Servicer Guide (Guide) Section 9202.2.
Fannie Mae reminds servicers that you can offer forbearance in accordance with our existing policies to assist borrowers who are unable to make their monthly mortgage loan payment as a result of a temporary hardship (for example, if a borrower is quarantined and unable to work [due to COVID-19]).
DSNews--Seth Welborn
Nashville and surrounding areas suffered severe storms and at least one tornado that destroyed at least 140 buildings and killed at least 22 people as of last report.
