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regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
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The Compliance NewsHub delivers mortgage, credit and compliance headlines and breaking news to help compliance and quality control professionals easily find relevant news and important regulatory dates.
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.
View SourceNCUA approved a final rule on supervisory guidance, codifying a 2018 Interagency Statement Clarifying the Role of Supervisory Guidance and reaffirms that the credit union regulator “will continue to follow and respect the limits of administrative law”.
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Search our Compliance Calendar for current
regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
Effective immediately, FHA is permitting individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S. Citizenship & Immigration Service (USCIS) and are legally permitted to work in the U.S. are eligible to apply for mortgages backed by the FHA.
View SourceFannie Mae announces guide updates to address: automatic reclassification time frame for delinquent MBS mortgage loans; an update to delinquency status reporting for a disaster payment deferral; and updates to policies on remote online notarizations for the purpose of servicing or modifying a mortgage loan.
View SourceFannie 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.
View SourceFreddie 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.
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FHFA published an updated list of each person that is currently suspended under the Suspended Counterparty Program.
View SourceOFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
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