Coronavirus News

CFPB Provides Flexibility to Credit Card Issuers in Response to COVID-19 Pandemic

The CFPB recently issued a statement announcing that during the COVID-19 pandemic it will provide flexibility to credit card issuers regarding the E-Sign Act’s...

Freddie Mac Issues Temporary COVID-19 Servicing Guidance

Freddie Mac recently issued guidance to help servicers navigate working with borrowers impacted by COVID-19. Bulletin 2020-21 provides servicers with updated COVID-19 Payment Deferral...

Federal Reserve to Resume Examination Activities

The Federal Reserve recently announced that it is resuming its examination activities for all supervised institutions.  Examinations will be conducted offsite until conditions improve...

Federal Reserve Expands Main Street Lending Program

The Federal Reserve Board (FRB) has made changes to its forthcoming Main Street Lending Program in an effort to provide support to a wider...

HUD Endorsement of Loans Under COVID-19 Forbearance

Pursuant to Mortgagee Letter 2020-16, as of June 15, 2020, and through November 30, 2020, HUD is permitting mortgagees to submit forward mortgage loans...

Fannie Mae Updates Guidance on COVID-19 Payment Deferral

On May 27, 2020, Fannie Mae updated Lender Letter 2020-07 (LL-2020-07), which outlines Fannie Mae’s previously-announced payment deferral plan that it jointly developed with...

Freddie Mac Issues Bulletin 2020-19 Regarding Selling Guidance Related to COVID-19

Freddie Mac recently issued Bulletin 2020-19 to address the ongoing economic implications and uncertainty related to the COVID-19 pandemic and impacts on borrowers, sellers,...

Fannie Mae Lender Letter Adds Borrower Eligibility and Self-Employment Income Requirements in Response to COVID-19

Fannie Mae recently updated Lender Letter 2020-03 to address COVID-19’s impact on loan originations by adding new temporary eligibility requirements for borrowers and requirements...

FDIC Announces Federal Regulators’ Joint Statement of Guiding Principles for Offering Small-Dollar Loans in Light of COVID-19 Pandemic

The FDIC recently announced the issuance of guiding principles set forth by federal financial regulators to financial institutions offering small-dollar loans to meet customers’...

Newsflash: VA Notifies Servicers that COVID-19 is a Reason for Default, Extends Circulars 26-18-5 and 26-18-3, and Publishes Appeals Job Aids

The Department of Veteran Affairs (VA) just published a VALERI Servicer Newsflash publishing a new Circular allowing COVID-19 as a reason for default, and...

VA Issues Circular with Guidance for Lenders on Coronavirus Pandemic

On May 19, 2020, the VA issued Circular 20-26-19 providing additional guidance for lenders regarding processing loans during the COVID-19 pandemic. The Circular states...

SBA Issues Temporary Changes to the PPP

On May 22, 2020, the SBA issued its eleventh interim final rule implementing the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and...
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