This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky affected by severe storms, flooding, landslides, and mudslides.
FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Alabama affected by severe storms, straight-line winds, and tornadoes.
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regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
Freddie Mac Bulletin 2021-15 extends the effective date through May 31, 2021, for appraisal flexibilities; completion report flexibilities, including builder certification and GreenCHOICE® Mortgage flexibilities; and CHOICERenovation® Mortgage flexibilities.
The Small Business Administration (SBA) extended the Paycheck Protection Program application period through May 31, as well as the SBA processing period an additional 30 days.
New York Senate Bill 2508 PART LL extends the "covered period" for forbearance of residential mortgage payments from March 7, 2020, until the latter of December 31, 2021, or the date on which COVID-19 Executive Orders continue to apply in the county of the qualified mortgagor's residence.
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.
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).
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.
