The U.S. Department of Housing and Urban Development (HUD) recently announced a Payment Supplement loss mitigation program for Federal Housing Administration (FHA) insured Title 2 mortgage loans, the details of which are set...more
The CFPB recently issued Frequently Asked Questions (FAQs) addressing the referral fee and fee splitting prohibitions under Section 8 of the Real Estate Settlement Procedures Act (RESPA). The CFPB also rescinded its...more
As previously reported, in April 2020 the U.S. Department of Housing and Urban Development Office of Inspector General (HUD OIG) issued a statement criticizing how mortgage servicer websites were providing information on the...more
10/5/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
FHA Loans ,
Financial Services Industry ,
Forbearance Agreements ,
HUD ,
Mortgage Servicers ,
Mortgages ,
OIG ,
Online Platforms ,
Websites
As previously reported, in August 2020 the CFPB issued a proposed rule to create a new seasoned loan qualified mortgage (QM) under the Regulation Z ability to repay rule. Initially, comments on the proposal were due by...more
In Loan Guaranty Circular 26-20-33, the U.S. Department of Veterans Affairs temporarily authorized the use of deferments as a loss mitigation option for borrowers with a COVID-19 forbearance....more
9/17/2020
/ CARES Act ,
Department of Veterans Affairs ,
Forbearance Agreements ,
Interest Rate Reduction Refinancing Loan (IRRRL) ,
Loan Guaranties ,
Loan Modifications ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
VA Loans ,
Veterans ,
Veterans Administration
As previously reported, Fannie Mae and Freddie Mac recently announced that there are no plans to extend the eligibility for purchase of loans in a COVID-19 forbearance for loans with note dates after August 31, 2020....more
On August 21, 2020, the CFPB announced the release of the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. The CFPB also announced the release of...more
As promised by the CFPB when it issued two Regulation Z ability to repay rule qualified mortgage (QM) loan proposals in June 2020, the CFPB recently issued a proposal to provide for a new seasoned QM loan. Comments will be...more
8/21/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Financial Services Industry ,
Mortgage Servicers ,
Mortgages ,
Proposed Rules ,
Qualified Mortgage Rule ,
Rebuttable Presumptions ,
Regulation X ,
Regulation Z ,
Safe Harbors
As previously reported, subject to conditions, Fannie Mae and Freddie Mac will purchase loans in a COVID-19 forbearance if the eligible loans have note dates through August 31, 2020. One of the conditions is an additional...more
On July 29, 2020, Freddie Mac updated its COVID-19 Selling FAQs. ...more
On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) posted on its website an interim final rule that creates a temporary exception to certain loss mitigation obligations of mortgage loan servicers under...more
In a prior alert, we reported that in view of the ability of mortgage loan borrowers to obtain payment forbearances under the CARES Act, the Federal Housing Finance Agency (FHFA) limited the advance obligation of Fannie Mae...more
6/13/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Fannie Mae ,
FHFA ,
Financial Distress ,
Forbearance Agreements ,
GSE ,
Housing Market ,
Mortgage Servicers ,
Mortgages ,
Popular ,
Relief Measures
On June 10, 2020 Fannie Mae in Lender Letter 2020-09 and Freddie Mac in Bulletin 2020-21 announced the servicer incentive for their previously announced COVID-19 payment deferral, and temporary updates to other servicer...more
The U.S. Department of Housing and Urban Development Office of Inspector General (HUD OIG) issued a statement dated April 27, 2020, that is not complimentary about how mortgage servicer websites are providing information on...more
On April 29, 2020, Fannie Mae updated Lender Letter 2020-02 to address the announcement by the Federal Housing Finance Agency (FHFA) that it was aligning the mortgage servicer advance requirements of Fannie Mae with those of...more
In a letter dated April 23, 2020 sent to federal regulators, 27 Democratic members of the House of Representatives joined the call of other members of Congress to create a liquidity facility for residential mortgage loan...more
A bipartisan group of U.S. senators sent a letter dated April 8, 2020 to U.S. Department of Treasury Secretary Steven Mnuchin, in his capacity as Chair of the Financial Stability Oversight Council (FSOC), urging prompt action...more
On April 4, 2020 a group of finance industry and housing organizations issued a joint statement calling on government regulators to provide a source of liquidity for mortgage servicers that may need additional capacity based...more
On April 3, 2020, federal agencies and the Conference of State Bank Supervisors (CSBS) issued a joint statement (Joint Statement) providing guidance to residential mortgage loan servicers regarding forbearance measures under...more
In a joint letter to federal government agencies, mortgage industry trade groups present proposals and requests to address issues arising from the national emergency posed by COVID-19. ...more
On March 20, 2020, Governor Andrew Cuomo of New York issued Executive Order 202.7 (Order). This Order makes an important directive, effective through April 18, 2020, pursuant to the Governor’s authority during a disaster or...more
On March 19, 2020, the New York Department of Financial Services (NYDFS) issued guidance to urge all regulated and exempt mortgage servicers to alleviate the adverse impact caused by COVID-19 on mortgage brokers who...more
The CFPB recently updated its Home Mortgage Disclosure Act (HMDA) FAQs, regarding the reporting of race, ethnicity and sex for applications taken by mail, internet or telephone. ...more
The CFPB and Federal Housing Finance Agency (FHFA) have released the first public use file containing data from the National Survey of Mortgage Originations. The NSMO is a component of the National Mortgage Database (NMDB®)...more
The U.S. House of Representatives recently passed H.R. 6737 to amend the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) to address a technical issue that prevented mortgage lenders from including...more