Coronavirus News

HUD Extends Effective Date of Mortgagee Letter 2020-05

HUD recently issued Mortgage Letter 2020-14, extending the effective date of Mortgagee Letter 2020-5, which addresses changes to the requirements for re-verification of employment...

Fannie Mae and Freddie Mac Extend Eligible Dates for Sales of Loans in Forbearance

Fannie Mae and Freddie Mac recently reissued Lender Letter 2020-06 and Bulletin 2020-17.  Among other things, the guidance extends the eligible note dates to...

HUD Extends Effective Date of Mortgagee Letter 2020-05

HUD recently issued Mortgage Letter 2020-14, extending the effective date of Mortgagee Letter 2020-5, which addresses changes to the requirements for re-verification of employment...

VA Updates Circular on Valuation Practices for COVID-19

The VA recently published updates to Circular 26-20-13, which allowed for the expanded use of exterior inspections during the VA appraisal process.  In addition...

Fannie and Freddie Announce COVID-Related Assistance Plans

Earlier this month, Fannie Mae and Freddie Mac (the GSEs) unveiled plans to aid servicers assisting borrowers experiencing COVID-19 related hardship or coming out...

CFPB and CSBS Publish Guide for Consumers Seeking Mortgage Forbearance and Other Relief Resulting from COVID-19 Emergency

The CFPB and CSBS recently released a Consumer Relief Guide providing information to consumers dealing with financial hardships who may need assistance available under...

FTC and SBA Warn Companies About Possible FTC Act Violations Related to Misleading Website Marketing Information on SBA Loans

The FTC and SBA recently announced that warning letters were issued to a California-based company and a Utah-based company about allegedly providing misleading website...

FDIC Issues Proposed Rule on Coronavirus Paycheck Protection Program

On May 12, 2020, the FDIC Board of Directors published a notice of proposed rulemaking which purports to mitigate the “deposit insurance assessment effects...

Fannie Mae Issues Revised COVID-Related Temporary Servicing Guidance

Fannie Mae continues to revise guidance and communicate temporary policies to ensure servicers can assist borrowers impacted by COVID-19 in a Lender Letter (LL-2020-02)....

HUD Extends Foreclosure and Eviction Moratoriums in Connection with COVID-19 Pandemic

HUD recently issued Mortgagee Letter 2020-13 (ML 20-13), extending the coronavirus-related foreclosure and eviction moratoriums announced in Mortgagee Letter 2020-04 (ML 20-04), which WBK...

CFPB FAQs, Statement on Obligations to Consumers in Coronavirus Crisis

The CFPB recently issued a statement and two sets of FAQs clarifying certain responsibilities that depositories, financial institutions, credit card issuers, and other open-end,...

Ginnie Mae Issues APM 20-05 on the Availability of Its Pass Through Assistance Program

In response to the COVID-19 crisis, Ginnie Mae issued All Points Memorandum 20-05, detailing the availability of its Pass Through Assistance Program for issuers...
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