Coronavirus News

NMLS Provides Extension for Fingerprinting Requirements Due to COVID-19

NMLS has extended by 60 days the requirement for completing fingerprinting. Licensees will now have 240 days to complete the requirement, instead of the...

SBA and Treasury Issue Updated FAQ’s for PPP Lenders and Borrowers, Including Safe Harbor for Loans Issued for Less than $2 Million

The Small Business Administration, in consultation with the Department of the Treasury, issued responses to frequently asked questions about the Paycheck Protection Program on...

FHFA Announces Payment Deferral Program for Borrowers in COVID-Related Forbearance

In response to growing concern regarding repayment of loans in forbearance, the FHFA announced on May 13, 2020, that Fannie Mae and Freddie Mac...

NCUA Issues Rule on Paycheck Protection Program Loans

The NCUA published an interim final rule that defines Paycheck Protection Program (PPP) loans as low-risk assets, creates exceptions for certain PPP loans under...

Fannie Mae Temporarily Suspends Employment Validation Through DU

Fannie Mae recently announced that it is temporarily suspending employment validation through the Desktop Underwriter (DU) validation service due to the challenges caused by...

DC Issues FAQs Regarding Residential Mortgage and Commercial Mortgage Deferment Program

The District of Columbia Department of Insurance, Securities and Banking recently issued FAQs on the implementation of the COVID-19 Response Supplemental Emergency Amendment Act...

CFPB Issues Regulation Z Interpretive Rule and ECOA Waiting Period FAQ

The CFPB recently published an interpretive rule concerning “bona fide personal financial emergencies” and changed circumstances under TRID, in the context of the COVID-19...

NCUA Issues Interim Rule Regarding Real Estate Appraisals Due to COVID-19

The National Credit Union Administration (NCUA) recently issued an interim final rule in response to COVID-19 with an effective date of April 21, 2020....

COVID-19 Pandemic Prompts NJ to Extend Mortgage Servicer Application and Registration Deadlines

The New Jersey Commissioner of the Department of Banking and Insurance recently issued Bulletin No. 20-18, extending the submission deadline for the state’s mortgage...

Municipal Liquidity Facility Adds $500 Billion, Expands Issuers and Duration

The Federal Reserve Board (Board) recently announced that the Municipal Liquidity Facility (MLF) will purchase up to an additional $500 billion in short-term notes...

MA Enacts Foreclosure and Eviction Moratorium Bill in Response to COVID-19

Massachusetts recently enacted a bill, House Bill 4647 (the Act), which, among other things, provides a temporary moratorium on foreclosures and evictions.  The Act,...

NCUA Issues Temporary Regulatory Relief in Response to COVID-19 Crisis

The NCUA recently issued a temporary final rule, easing certain regulatory requirements to assist federally-insured credit unions (FICUs) and federal credit unions (FCUs) during...
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