Coronavirus News

Firm’s Attempt to Collect Agent Fees from PPP Lenders is Blocked

A federal judge in Florida recently denied an accounting firm’s attempt to recover fees from lenders who participated in the Paycheck Protection Program (PPP)...

FFIEC Joint Statement on COVID-19 Loan Accommodations to Borrowers

The Federal Financial Institutions Examination Council (FFIEC) recently issued a joint statement, providing guidance to lenders on “work[ing] with borrowers in a safe and...

FHFA Extends Temporary Policy Allowing Purchase of Certain Single-Family Mortgages Through August 31, 2020

The Federal Housing Finance Agency (FHFA) recently announced that qualifying single-family mortgages originated through August 31, 2020, that are delinquent or in forbearance may...

Washington DOL Extends Emergency Remote Notarization Rule

The Washington Department of Licensing (DOL) recently extended the existing emergency rule allowing for remote notarization, effective since July 25, 2020.  Along with the...

FinCEN Advisory FIN-2020-A005 Alerts Financial Institutions to Cybercrimes Exploiting COVID-19 Pandemic

A recent FinCEN Advisory (FIN-2020-A005) on cybercrime and cyber-enabled crime exploiting the COVID-19 Pandemic alerts financial institutions to indicators of potential fraudulent schemes, malicious...

NYDFS Issues FAQs on Section 9-x’s Servicing and Forbearance Requirements

The New York Department of Financial Services (NYDFS) recently issued a set of Frequently Asked Questions (FAQs) relating to the recently enacted Section 9-x...

FHA Announces Additional Temporary COVID-19 Guidance

HUD recently issued Mortgagee Letter 2020-24 (ML 2020-24), which announces temporary updates to the FHA’s income requirements for self-employed borrowers and borrowers who rely...

FFIEC Issues Guidance on Loan Accommodations Related to COVID-19

The Federal Financial Institutions Examination Council (FFIEC) recently issued a joint statement providing prudent risk management and consumer protection principles for financial institutions to...

Main Street Lending Program (MSLP)

Note: The following description is valid through August 7, 2020.  We will update this description as events warrant. In a Nutshell – On April...

Fannie Mae Issues Additional Updates to Lender Letters 2020-02 and 2020-07

Fannie Mae continues to revise guidance and communicate temporary policies to ensure servicers can assist borrowers impacted by COVID-19.  On July 15, 2020, Fannie...

Fannie Mae Issues New and Revised Servicing Guidance

Fannie Mae recently announced the release of Lender Letter 2020-11, updates to five previously issued Lender Letters, and the publication of the July Servicing...

Freddie Mac Releases Bulletin on Eligible Disasters and Other Servicing Guidance Related to COVID-19

Freddie Mac recently issued Guide Bulletin 2020-28 (Guide Bulletin) announcing updates regarding eligible disasters and other servicing guidance related to COVID-19.  Specifically, the Guide...
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