News & Analysis as of

Lenders Guidance Update

ArentFox Schiff

Potential Approaching Storm in Commercial Real Estate: Recent Updating of Great Recession Guidance

ArentFox Schiff on

Nearly 14 years ago, guidance was provided by federal regulators to facilitate commercial real estate loan work-outs. Rather than ‘extend & pretend,’ regulators had encouraged, and are encouraging, banks to work with...more

Goodwin

CFPB Revokes 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices

Goodwin on

In this Issue. The Consumer Financial Protection Bureau (CFPB) announced the rescission of its 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices, possibly signaling an increase in enforcement...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

Goodwin on

In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

Ballard Spahr LLP

HUD Provides Guidance on Making FHA Loans to Borrowers With Forbearances

Ballard Spahr LLP on

In Mortgagee Letter 2020-30 dated September 10, 2020, the U.S. Department of Housing and Urban Development (HUD) provides guidance on the underwriting of applicants for FHA insured mortgage loans who were granted a previous...more

Ballard Spahr LLP

Fannie Mae Updates COVID-19 Servicing FAQs

Ballard Spahr LLP on

On August 3, 2020, Fannie Mae updated its COVID-19 servicing FAQs to add an FAQ regarding a COVID-19 forbearance plan with a period of less than 180 days. The FAQ says...more

Ballard Spahr LLP

HUD Revises Effective Date for Recent Updates to FHA Loan COVID-19 Guidance

Ballard Spahr LLP on

As previously reported, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2020-23, dated July 28, 2020, to update COVID-19 national emergency guidance for FHA loans....more

Ballard Spahr LLP

HUD Updates COVID-19 Guidance for FHA Loans

Ballard Spahr LLP on

The U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2020-23, dated July 28, 2020, to update COVID-19 national emergency guidance for FHA loans. The guidance addresses the verification of...more

Womble Bond Dickinson

PPP News: Loan Application Deadline is June 30, New Forgiveness Documents, & Other Updates

Womble Bond Dickinson on

PPP Loan Applications Due by June 30, 2020 - As discussed in our June 4, 2020, Client Alert on the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the PPPFA amended several key provisions of the Paycheck...more

Perkins Coie

The Federal Reserve’s Main Street Lending Program: What Borrowers Need to Know

Perkins Coie on

This update amends our prior publication on May 4, 2020, titled Federal Reserve Announces Changes to Main Street Lending Program and contains new information based on additional guidance provided by the Federal Reserve on May...more

Seyfarth Shaw LLP

UPDATE: District of Columbia COVID-19 Response Supplemental Emergency Amendment Act of 2020: What it Means for Real Estate

Seyfarth Shaw LLP on

Seyfarth Synopsis: Mayor Muriel Bowser (the “Mayor”) signed an update to the recent Response Emergency Amendment Act of 2020 (the “Act”) entitled COVID-19 Response Supplemental Emergency Amendment Act of 2020 (the...more

Seyfarth Shaw LLP

Money for Main Street: Fed Releases Terms of Main Street Lending Facilities

Seyfarth Shaw LLP on

On April 9, 2020, the Federal Reserve Board (“Fed”) announced details of its Main Street Lending Program through which it will purchase up to $600 billion in loans from eligible lenders using funds appropriated to it under...more

Ballard Spahr LLP

Transitional period and initial supervisory practice over TRID

Ballard Spahr LLP on

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

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