FHFA: Service Liquidity Concerns Addressed; Four Month Advance Obligation Loan for Loans in Forbearance
Agency also clarifies that loans under forbearance will remain in MBS Pools Today, the Federal Housing Finance Agency (FHFA) announced the alignment of Fannie Mae’s and Freddie Mac’s (the Enterprises) policies regarding servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans. Once a servicer has advanced four months of missed…
HUD: $1.5 Million in Funding Awarded to Support COVID-19 Related Fair Housing Activities
The U.S. Department of Housing and Urban Development (HUD) today announced it is awarding $1.5 million in Partnership and Special Enforcement Effort funds to HUD Fair Housing Assistance Program (FHAP) agencies to support COVID-19 education activities. The funds are being provided through the Coronavirus Aid, Relief, and Economic Security Act (CARES) of 2020, which President Trump…
FEMA: President Trump Approves Major Disaster Declaration for American Samoa
FEMA announced that federal emergency aid has been made available to the territory of American Samoa to supplement territorial and local recovery efforts in the areas affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on Jan. 20, 2020 and continuing. Federal funding is available to territorial and eligible local governments and certain private nonprofit…
CFPB: FHFA and CFPB Announce Borrower Protection Program
Today, the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) announced the Borrower Protection Program (the Program), a new joint initiative that enables CFPB and FHFA to share servicing information to protect borrowers during the coronavirus national emergency. Under the program, the CFPB will make complaint information and analytical tools available…
ABA: Congress Should Exempt Stimulus Payments from Court-Ordered Garnishments
Leading financial services trade associations today wrote Congressional leadership requesting that Congress clarify that the CARES Act economic impact payments (also known as stimulus payments) are treated as benefits subject to the federal exemption from garnishment. “America’s banks stand ready to provide full access to funds appropriated for the explicit purpose of helping families make…
OCC: Paycheck Protection Program Listening Sessions Announced
The Office of the Comptroller of the Currency (OCC) today announced that its Office of Innovation will host three listening sessions on April 16, 20, and 21, to discuss issues and potential solutions relating to the Paycheck Protection Program (PPP) as established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Listening sessions are used to inform…
Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19
The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to…
ABA: Additional PPP Funds Needed for Small Businesses, Employees
Leading financial services trade associations today wrote Congressional leadership calling for Congress to quickly authorize additional funds for the Paycheck Protection Program. Funds from the original $349 billion authorization are expected to be fully obligated soon, leaving out countless small business owners and their employees still awaiting access to the program. “The Small Business Administration’s…
Census Bureau: Statement on 2020 Census Operational Adjustments Due to COVID-19
The 2020 Census is underway and more households across America are responding every day. Over 70 million households have responded to date, representing over 48% of all households in America. In light of the COVID-19 outbreak, the U.S. Census Bureau is adjusting 2020 Census operations in order to: Protect the health and safety of the American public…
HUD: New CAREs Act Multifamily Mortgage Payment Relief Implemented to Maintain and Preserve Affordable Rental Housing
Multifamily borrowers can request up to 90 days of mortgage payment forbearance from their servicer Today, the U.S. Department of Housing and Urban Development (HUD) announced it is issuing new mortgage payment relief guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for borrowers with multifamily mortgages insured by the Federal Housing…