This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
DS News--Jane Bond, Managing Partner, McCalla Raymer Leibert Pierce's Florida Litigation Group
Florida's Supreme Court issued Amendment 10 to the Comprehensive COVID-19 Emergency Measures for Florida Trial Courts, which requires the Chief Judges of each Florida Circuit Court to issue an administrative order directing the Circuit Court Judges to “actively manage their civil cases.”
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Louisiana affected by severe winter storms.
Search our Compliance Calendar for current regulatory changes & updates.
Fannie Mae has updated Q61 in the COVID-19 Selling FAQs to clarify the requirement on new loan eligibility after COVID-19 loss mitigation and provide examples.
Fannie Mae updated Impact of COVID-19 on Appraisals Lender Letter (LL-2021-04) to extend the application dates eligible for certain temporary flexibilities to April 30, 2021, and announces the temporary policies related to condominium project reviews and borrower-provided photos for completion draws for HomeStyle® Renovation loans will not be extended beyond April 30, 2021.
Fannie Mae updated the Impact of COVID-19 on Originations Lender Letter (LL-2021-03) to extend the verbal verifications of employment and power of attorney flexibilities to April 30, 2021 and notes that this will be the final extension for these policies.
Freddie Mac has published updated COVID-19 Selling-related Frequently Asked Questions (FAQs).
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Freddie Mac Bulletin 2021-10 extends the effective date of the temporary underwriting flexibilities related to COVID-19 to apply to mortgages with application received dates through April 30, 2021, and that for the temporary flexibilities related to 10-day pre-closing verifications, condominium projects, and powers of attorney, this will be the final extension.
Mortgage Bankers Association – Mike Sorohan
The House approved a $1.9 trillion economic stimulus package to provide relief to millions of Ameican affected by the pandemic.
Mortgage Professional America – Candyd Mendoza
Hawaii and Nevada suffered the most significant annual increase in overall delinquency rates in 2020.
The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by severe winter storms.
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On February 18, 2021, the Texas Office of Consumer Credit Commissioner updated OCCC Advisory Bulletin B20-2 continues to encourage lenders to work with consumers impacted by COVID-19, provides a reminder of requirements for using electronic signatures, and provides guidance on conducting regulated lending activity from unlicensed locations; through March 31, 2021.
HUD announced the implementation of federal disaster assistance for the State of Texas to provide support to homeowners and homebuyers in areas affected by the Severe Winter Storm, including an automatic 90-day moratorium on foreclosures, making Section 203(h) and Section 203(k) programs available, and ensuring HUD-approved housing counseling agencies are ready to assist.
The Board of Governors of the Federal Reserve System, Conference of State Bank Supervisors, FDIC, NCUA, and OCC encourage institutions operating in the affected areas to meet the financial services needs of their communities by working constructively with borrowers in communities affected by Texas Winter Storms and provides temporary relief of the use of temporary facilities, publishing requirements, CRA requirements, investments, and regulatory reporting requirements.
This Mortgagee Letter announces the the extension of the effective period for ML 2020-24, published on July 29, 2020 and extended in ML 2020-46, allowing for the ability to use the flexible guidance related to verification of self-employment and verification of rental income for forward and HECM loans and 203(k) escrow administration for the 203(k) Rehabilitation Program, in response to impacts from the Presidentially-Declared COVID-19 National Emergency.
