Coronavirus News

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...

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...
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