In Mortgagee Letter 2022-09 dated July 7, 2022, the U.S. Department of Housing and Urban Development (HUD) sets forth new flexibility in underwriting guidelines for calculating effective income for Federal Housing...more
The Centers for Disease Control and Prevention’s (CDC) eviction moratorium expired on July 31, 2021. Meanwhile, at President Biden’s request, the Acting Director of the Federal Housing Finance Agency, and the Secretaries of...more
The Centers for Disease Control and Prevention's (CDC) eviction moratorium expired on July 31, 2021. Meanwhile, at President Biden's request, the Acting Director of the Federal Housing Finance Agency, and the Secretaries of...more
The Biden Administration recently announced additional COVID-19 relief measures for borrowers with loans insured or guaranteed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), and the...more
On July 7, 2021 the Consumer Financial Protection Bureau (CFPB) launched a digital toolkit for media, intermediaries, and other stakeholders interested in providing information and resources to renters and mortgage borrowers...more
In Change 2 to Circular 26-20-10 dated June 29, 2021, the U.S. Department of Veterans Affairs (VA) updated guidance to lenders assisting VA mortgage loan applicants affected by the COVID-19 national emergency....more
As previously reported, on June 24, 2021, the Federal Housing Finance Agency (FHFA) announced the extension of the Fannie Mae and Freddie Mac moratorium on single-family foreclosures from June 30, 2021 to July 31, 2021....more
In Mortgagee Letter 2021-15 dated June 25, 2021, the U.S. Department of Housing and Urban Development (HUD) extended the foreclosure and eviction moratoriums for FHA insured single-family loans from June 30, 2021 to July 31,...more
In Circular 26-21-10 dated June 25, 2021, the U.S. Department of Veterans Affairs (VA) extended the eviction and foreclosure moratorium for properties secured by VA guaranteed loans from June 30, 2021 to July 31, 2021. The...more
On June 24, 2021, the Federal Housing Finance Agency (FHFA) announced the extension of the Fannie Mae and Freddie Mac moratorium on single-family foreclosures from June 30, 2021 to July 31, 2021. The moratorium on evictions...more
The U.S. Department of Veterans Affairs (VA) on June 3 updated guidance regarding home retention options and alternatives to foreclosure for borrowers experiencing financial hardships due to COVID-19. The VA previously...more
In coordination with the Federal Housing Finance Agency (FHFA), on April 21, 2021, Fannie Mae in an update to Lender Letter 2021-04 and Freddie Mac in Bulletin 2021-15 announced the final extension of certain appraisal...more
In its Loan Guaranty Circular 26-21-07 the U.S. Department of Veterans Affairs (VA) expanded a temporary loss mitigation option....more
In coordination with the Federal Housing Finance Agency on March 11, 2021, Fannie Mae in updates to Lender Letter 2021-03 and Lender Letter 2021-04 and Freddie Mac in Bulletin 2021-10 extended certain loan origination...more
The CFPB has proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022. As previously...more
The Federal Housing Finance Agency (FHFA) announced February 25, 2021, the extension of the Fannie Mae and Freddie Mac moratorium on single family foreclosures from March 31, 2021, to June 30, 2021. The moratorium on...more
On February 16, 2021, President Biden announced an extension of the foreclosure moratorium and the availability of forbearance relief for Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), and U.S....more
The Federal Housing Finance Agency (FHFA) announced February 9, 2021, the extension of the Fannie Mae and Freddie Mac moratorium on single family foreclosures from February 28, 2021, to March 31, 2021. The moratorium on...more
In Mortgagee Letter 2020-43, dated January 21, 2021, the U.S. Department of Housing and Urban Development (HUD) extended the foreclosure and eviction moratoriums for FHA insured single-family loans from February 28, 2021 to...more
The Federal Housing Finance Agency (FHFA) announced January 19, 2021 the extension of the Fannie Mae and Freddie Mac moratorium on single-family foreclosures from January 31, 2021 to February 28, 2021. The moratorium on...more
In coordination with the Federal Housing Finance Agency on January 14, 2021, Fannie Mae in Lender Letter 2021-03 and Lender Letter 2021-04 and Freddie Mac in Bulletin 2021-1 extended certain loan origination flexibilities due...more
The U.S. Department of Veterans Affairs (VA) extended the eviction and foreclosure moratorium for properties secured by VA guaranteed loans from December 31, 2020, to February 28, 2021. The moratorium does not apply to vacant...more
In a series of Mortgagee Letters, each dated December 17, 2020, the U.S. Department of Housing and Urban Development (HUD) extended the dates of various policies addressing the COVID-19 national emergency....more
The Federal Housing Finance Agency (FHFA) announced on December 2, 2020, the extension of the Fannie Mae and Freddie Mac moratorium on single-family foreclosures from December 31, 2020, to January 31, 2021. The moratorium on...more
Three industry trade associations sent a letter dated December 17, 2020, to federal agencies, Fannie Mae, and Freddie Mac seeking guidance on the CARES Act concept of the covered period during which a borrower may request a...more