Compliance Newshub
Disaster News

FHA Mortgagee Letter 2020-43 announces an extension to the foreclosure and eviction moratorium originally issued in ML 2020-04, extended in MLs 2020-13 and 2020-19, and further extended in ML 2020-27 for borrowers with FHA-insured Single Family mortgages covered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act for an additional period through February 28, 2021.

USDA is extending the foreclosure and eviction moratorium announced by USDA, Single Family Housing Guaranteed Loan Program (SFHGLP) on March 19, 2020, until February 28, 2021; excluding cases where the servicer has documented the property is vacant or abandoned.

USDA is extending the temporary exceptions originally issued on March 27, 2020, pertaining to appraisals, repair inspections, and income verifications for the Single-Family Housing Guaranteed Loan Program (SFHGLP) due to the COVID-19 pandemic through February 28, 2021.

Mortgage Professional America – Candyd Mendoza

Former president and CEO of the National Association of Mortgage Broker (NAMB) Donald Frommeyer died from complications related to COVID-19.

M Report – Veronica Bradley

According to Fannie Mae’s prediction, the COVID-19 vaccines and economic shifts could boost the housing market.

Mortgage Professional America – Candyd Mendoza

American home prices have been soaring rapidly in 2020, while sales price growth of homes in disaster areas has been on a decline over the past few years.

DS News – Christina Hughes Babb

According to the Urban Institute's latest research and panel discussion, there are "Three ways to help 3.2 million struggling homeowners."

DS News – Phil Hall

According to Wolters Kluwer's 2020 Regulatory & Risk Management Indicator Survey, banks and credit unions' primary concerns are the regulatory and risk factor created by the COVID-19 pandemic.

Freddie Mac announces Servicing guide updates relating to COVID-19 updates; ResolveSM user interface launch with Decision Insights; Automated Clearing House (ACH) authorization forms; Freddie Mac Flex Modification® Trial Period Plan failure; Electronic Payment Deferral Agreement; occupancy waiver request; Form 1036; and additional Guide updates.

Fannie Mae announces that beginning the week of December 14, a small number of homeowners who are 60+ days delinquent on their mortgage payment and have not chosen a forbearance plan will receive a letter explaining options for those financially impacted by COVID-19 and a request to contact their servicer to discuss and is providing a Servicer Toolkit designed to prepare Servicers for those calls.

Fannie Mae has updated LL-2020-02 to announce a temporary policy change related to verifying an acceptable payment record for borrowers that experience a financial hardship related to COVID-19, as well as extend the suspension of foreclosure activities through January 31, 2021.

VA published a proposed rule to establish the COVID-19 Veterans Assistance Partial Claim Payment program (COVID-VAPCP), which would allow servicers to consider a partial claim option after the servicer has evaluated all loss-mitigation options for feasibility; comments are due on or before January 8, 2021.