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 Michigan affected by severe storms, flooding, and tornadoes.
DS News -- Christina Hughes Babb
The United States Supreme Court rejected a request by a group of landlords and real estate associations to overturn the Center for Disease Control (CDC) moratorium on evictions.
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Fannie Mae Lender Letter LL-2021-02 provides that between July 31, 2021, and when the Consumer Financial Protection Bureau (CFPB) final rule dated June 28, 2021, goes into effect on August 31, 2021, Servicers are prohibited from making any new foreclosure referrals or first legal filings that the CFPB’s final rule would prohibit.
Fannie Mae Lender Letter LL-2021-07 adjusts the terms for a Flex Modification with reduced eligibility criteria for COVID-19 impacted borrowers to provide an opportunity to reduce their interest rate, regardless of the mortgage loan’s mark-to-market loan-to-value ratio.
Freddie Mac Bulletin 2021-24 provides that between July 31, 2021, and when the Consumer Financial Protection Bureau (CFPB) final rule dated June 28, 2021, goes into effect on August 31, 2021, Servicers are prohibited from making any new foreclosure referrals or first legal filings that the CFPB’s final rule would prohibit, and announces temporary changes to the Flex Modification to further assist Borrowers who have been negatively impacted by the COVID-19 pandemic and who may require additional payment relief beyond what is currently available.
VA Circular 26-20-10, Change 2, announces temporary measures for the review of borrower qualifications for a VA-guaranteed home loan when the borrower’s income and the lender’s processing of the home loan have been affected by the ongoing COVID-19 national emergency.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
FHA Mortgagee Letter 2021-16 announces an extension of the effective period for flexible guidance related to verification of self-employment and verification of Rental Income for Single Family Title II Forward Mortgage and HECM Programs, and 203(k) escrow administration for the 203(k) Rehabilitation Program through September 30, 2021.
FHFA announced that Fannie Mae and Freddie Mac servicers will not be permitted to make a first notice or filing for foreclosure that would be prohibited by the CFPBs Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X Final Rule before the CFPB rule takes effect August 31, 2021.
USDA is issuing this reminder that the temporary guidance concerning USDA's re-verification of employment and exterior-only appraisals will expire as intended on June 30, 2021.
VA extended the moratorium on foreclosures and evictions for all properties securing VA-guaranteed loans through July 31, 2021, as well as the start dates of the initial COVID-19 Forbearance to September 30, 2021.
Automated compliance tests to ensure compliance on more loans in less time
FHA extended the moratorium on foreclosures and evictions for borrowers with FHA-insured Single Family mortgages through July 31, 2021, the start dates of the initial COVID-19 Forbearance and HECM Extension to September 30, 2021, and establishes the COVID-19 ALM and an associated Default Status Code.
The Centers for Disease Control and Prevention on Thursday extended its nationwide residential eviction moratorium by another month, to July 31.
Fannie Mae announces the extension of foreclosure-related activities through July 31, 2021, including initiation of any judicial or non-judicial foreclosure process, move for a foreclosure judgment or order of sale, execution of a foreclosure sale, and the continued relief of the motion for relief from the automatic stay bankruptcy milestones.
Freddie Mac is extending the foreclosure moratorium last announced in Guide Bulletin 2021-8. Servicers must suspend all foreclosure actions, including foreclosure sales, through July 31, 2021, including initiation of any judicial or non-judicial foreclosure process, motion for foreclosure judgment or order of sale.
