This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
FHA announces temporary waiver of quality control (QC) requirements for appraisals' filed reviews to provide mortgagees with flexibility.
Ginnie Mae extends the exemptions that were published in the APM 20-06: “Treatment of Mortgage Delinquency Ratios for Issuers Affective by COVID-19” from December 31, 2020, through July 31, 2021.
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DS News – Christina Hughes Babb
Scientists say a rise in natural disasters puts the nation's already diminishing affordable housing supply at risk.
Housing Wire – Julia Falcon
According to realtor.com’s economists, the housing inventory shortage won’t be as severe in 2021.
M Report – Chuck Green
According to a survey from Harvard University’s Joint Center for Housing Studies, COVID-19 has an especially noticeable impact on housing affordability among low-income individuals.
Fannie Mae has updated LL-2020-07 to eliminate the requirement for reporting a delinquency status code for a COVID-19 payment deferral if the mortgage loan is brought current.
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The United States Department of Justice
Seven people were charged for their alleged participation in a scheme to obtain approximately $16 million in forgivable Paycheck Protection Program (PPP) loans.
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by severe storms and flooding.
Troutman Pepper Hamilton Sanders LLP
The Maryland Court of Appeals issued an order requiring that parties seeking to foreclose a lien on a residential property or to foreclose the right of redemption of a residential property to file a verified Declaration of Exemption from Moratorium.
Freddie Mac announces selling guidance related to temporary requirements and guidance for borrowers with qualifying income derived from self-employment; an extension of the effective dates for previously announced temporary flexibilities; and an extension of the effective dates for the purchase of mortgages in forbearance.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Fannie Mae has updated LL-2020-03 to extend the verbal verifications of employment and power of attorney flexibilities to December 31 and to update the self-employed depository account statements to three months from two months.
Fannie Mae has updated LL-2020-04 to extend temporary appraisal flexibilities to December 31.
Fannie Mae has updated LL-2020-06 to extend eligible note dates to December 31 and delivery to February 28, 2021.
Mortgage Professional America – Ryan Smith
According to Tom Hutchens of Angel Oak Mortgage Solutions, non-QM lending continues to pick up steam after pausing earlier this year due to COVID-19.
