CFPB: Rules Issued to Facilitate Smooth Transition as Federal Foreclosure Protections Expire
Regulations Will Help Prevent Surge of Foreclosures and Protect American Economy The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and which will help protect mortgage borrowers from unwelcome surprises as they exit forbearance. The…
HUD: FHA Introduces More Measures to Help Homeowners Struggling Due to COVID-19
One-month extension of foreclosure and eviction moratoria, expanded initial forbearance request timeframes, and new outreach to struggling homeowners provide expanded recovery help. The Federal Housing Administration (FHA) on Friday announced more measures to help homeowners with FHA-insured mortgages who are struggling financially due to the COVID-19 pandemic. These measures will provide additional, immediate relief while also expanding…
FHFA: COVID-19 Foreclosure and REO Eviction Moratoriums Extended until July 31, 2021
Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until July 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an…
FHFA: First Quarter 2021 Foreclosure Prevention and Refinance Report Released
More than 5.8 million homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its first quarter 2021 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 224,646 foreclosure prevention actions in the first quarter of 2021, bringing the total number of homeowners who have been…
CFPB: Reports Issued Detailing Mortgage Borrowers Continuing COVID-19 Challenges
The Consumer Financial Protection Bureau (CFPB) released two reports today showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn. The first report documents that Black and Hispanic mortgage borrowers are much more likely to be delinquent or in a forbearance program than white borrowers….
FHFA: Extension of COVID-19 Related Loan Flexibilities Announced
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30, 2021. Alternative appraisals on purchase and rate-term refinance loans are among the flexibilities that will now be…
HUD: Federal Housing Administration Standard Single Family Servicing Policies Revised
Updates to Single Family Handbook policies strengthen loss mitigation approaches for struggling borrowers while streamlining key requirements for servicers The Federal Housing Administration (FHA) today announced the publication of its update to the Servicing and Loss Mitigation section of the FHA Single Family Housing Policy Handbook 4000.1. This update streamlines many standard operational requirements for mortgage servicers, including revising…
CFPB: Mortgage Servicing Changes Proposed to Prevent Wave of COVID-19 Foreclosures
Millions of homeowners expected to exit forbearance in the coming months The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire. Due to the COVID-19 pandemic and ensuing economic crisis, millions of families nationwide have suffered the loss of…
CFPB: New Compliance Bulletin Warns Mortgage Servicers: Unprepared is Unacceptable
Servicers Should Gear Up for Expected Surge in Homeowners Needing Assistance The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. Millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency mortgage protections…
FHFA: 4th Quarter 2020 Foreclosure Prevention and Refinance Report Released
More than 5.5 million homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its fourth quarter 2020 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 362,912 foreclosure prevention actions in the fourth quarter of 2020, bringing the total number of homeowners who have been…