On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule to amend the mortgage servicing rules in Regulation X, which implements the Real Estate Settlement Procedures Act, to provide additional...more
6/30/2021
/ Borrower Protection Programs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Delinquent Borrowers ,
Financial Services Industry ,
Foreclosure ,
Infectious Diseases ,
Mortgage Servicers ,
Mortgages ,
Policy Statement ,
Regulation X ,
RESPA
On April 21, 2021, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend certain loan origination flexibilities, including alternative appraisals on purchase and rate-term refinance...more
4/22/2021
/ Borrowers ,
Coronavirus/COVID-19 ,
Fannie Mae ,
FHFA ,
Financial Services Industry ,
Freddie Mac ,
Housing Market ,
Infectious Diseases ,
Loan Origination Funds ,
Loans ,
Mortgages ,
Refinancing
On February 25, 2021, the Federal Housing Finance Agency (FHFA) announced an extension of the moratoriums on Freddie Mac and Fannie Mae single-family loan foreclosures and real estate owned (REO) evictions until June 30,...more
3/3/2021
/ Coronavirus/COVID-19 ,
Eviction ,
Fannie Mae ,
FHFA ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
Infectious Diseases ,
Moratorium ,
Mortgages ,
Relief Measures
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
On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule permitting mortgage servicers to offer certain loss mitigation options based on the evaluation of an incomplete loss mitigation...more
On June 17, 2020, the Federal Housing Finance Agency (FHFA) announced an extension of its eviction and foreclosure moratorium due to the COVID-19 pandemic until August 31, 2020. This is an extension of FHFA’s May 14 and March...more
6/20/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Foreclosure ,
Landlords ,
Moratorium ,
Mortgagee ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State of Emergency ,
Tenants
The Consumer Financial Protection Bureau and the Conference State Bank Supervisors issued joint guidance to mortgage servicers clarifying the forbearance provision of the Coronavirus Aid, Relief and Economic Security (CARES)...more
On May 13, Fannie Mae and Freddie Mac both announced a new COVID-19 Payment Deferral workout option. Fannie Mae's Lender Letter LL-2020-07 and Freddie Mac's Bulletin 2020-15 provide detailed requirements on this new deferral...more
On May 14, 2020, the Federal Housing Finance Agency (FHFA) announced an extension of its eviction and foreclosure moratorium due to the COVID-19 pandemic until June 30, 2020. This is an extension of FHFA's March 18 directive...more
On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying Regulation Z's bona fide personal financial emergency provisions in the context of the COVID-19 pandemic. The CFPB...more
5/7/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
ECOA ,
Emergency Waivers ,
Loans ,
Mortgages ,
Personal Finances ,
Regulation Z ,
Rescission ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Updated on April 28, 2020 -
On April 3, the Federal Reserve, OCC, FDIC, CFPB, NCUA, and the Conference of State Bank Supervisors (Agencies) issued a joint statement intended to provide flexibility to mortgage servicers who...more
On April 21 the Federal Housing Finance Agency (FHFA) announced a new policy for servicer obligations towards Fannie Mae and Freddie Mac loans in forbearance. Under the new policy, servicers are only required to advance four...more
(New information added on April 17, 2020) -
As the coronavirus crisis unfolds, federal and state financial services regulatory agencies have taken multiple actions impacting banks, non-bank financial service providers, and...more
4/19/2020
/ Appraisal ,
Borrowers ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
CSBS ,
FDIC ,
FHFA ,
Loan Modifications ,
Mortgage Loan Originators ,
Mortgages ,
NCUA ,
OCC ,
Popular ,
Relief Measures
On April 14, federal agencies announced a new interim final rule and interagency guidance relating to appraisals and evaluations for real estate related financial transactions affected by the COVID-19 pandemic....more
Fannie Mae and Freddie Mac have both issued guidance addressing the impact of the COVID-19 pandemic on borrowers with multifamily property mortgages....more
Fannie Mae and Freddie Mac issued several guidance letters and bulletins to sellers and servicers in response to the COVID-19 pandemic....more
Federal and state governments are beginning to issue emergency orders and take other actions related to foreclosure. Below is a summary of those actions to date. We will update this summary as new information becomes...more
3/21/2020
/ Coronavirus/COVID-19 ,
Emergency Orders ,
Eviction ,
FHFA ,
Foreclosure ,
HUD ,
Moratorium ,
Mortgages ,
Rental Property ,
Suspensions ,
Tenants