This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
This bulletin announces the extension of the re-verification of employment guidance in ML 2020-05, extending the Exterior-Only Appraisal SOW option in ML 2020-37.
DS News – Christina Hughes Babb
The U.S. Department of Housing and Urban Development (HUD) revealed its implementation of federal disaster assistance for Texans affected by the severe winter storm.
Search our Compliance Calendar for current regulatory changes & updates.
The Board of Governors of the Federal Reserve System issued an interim final rule to extend Regulation O exceptions to PPP loans, including PPP second draw loans, made through March 31, 2021.
VA is extended d foreclosure and eviction relief on properties secured by VA-guaranteed loans, including those previously secured by VA-guaranteed loans but currently in VA’s Real Estate Owned (REO) portfolio, through June 30, 2021.
VA provides guidance for granting COVID-19 forbearance to Veterans who continue experiencing financial hardships, directly or indirectly, because of the pandemic.
This bulletin outlines multiple COVID-19 related policy extensions and expansions that are designed make it easier for mortgagees to provide FHA-insured homeowners with the assistance they need to retain their homes during these challenging times.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
USDA is extending its moratorium on foreclosures and evictions through June 30, 2021, extending the date for initial forbearance requests through June 30, 2021, and providing for up to two additional three-month payment forbearances for borrowers who received an initial CARES Act forbearance before June 30, 2020.
M Report – Chuck Green
Several housing advocates sent congressional leaders a letter demanding additional aid of $25 billion for homeowners in the next COVID-19 stimulus package.
Certainty was in short supply for much of 2020, but as the calendar turns to 2021, what has become clear is mortgage lending will continue to feel the effects of the COVID-19 pandemic well into the new year.
M Report – Veronica Bradley
According to the FHFA, by analyzing the number of U.S. homeowners who have difficulty paying for their homes, it may be challenging considering new rules and regulations associated with the pandemic response.
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FHA Mortgagee Letter 2021-03 announces an extension to the foreclosure and eviction moratorium originally issued in ML 2020-04, extended in MLs 2020-13 and 2020-19, 2020-27, and further extended in ML 2020-43 for borrowers with FHA-insured Single Family mortgages covered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act for an additional period through March 31, 2021.
USDA announced an extension to the foreclosure and eviction moratoriums, as well as the first legal action and reasonable diligence timelines until March 31, 2021; additionally, lenders may approve the initial 180-day COVID-19 Forbearance no later than the earlier of the termination date of the national emergency declared by the President on March 13, 2020 or March 31, 2021.
Fannie Mae extended the suspension of foreclosure-related activities, including foreclosure sales (excluding vacant or abandoned properties), through February 28, 2021; additionally, content within the Lender Letter has been reorganized and/or removed, where applicable.
Freddie Mac has extended the foreclosure moratorium announced in Guide Bulletins 2020-4, 2020-10, 2020-16, 2020-25, 2020-34 and 2020-46, suspending all foreclosure actions, including foreclosure sales (excluding vacant or abandoned properties), through February 28, 2021.
