FHFA: New Protections Announced After COVID-19 Foreclosure and REO Eviction Moratoriums End
Servicers of Enterprise-backed mortgages will be prohibited from making most first filings for foreclosure before new CFPB rules take effect August 31 Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) servicers will not be permitted to make a first notice or filing for foreclosure that would be…
CFPB: Report Issued Highlighting Supervisory Findings of Wide-Ranging Violations of Law in 2020
Examiners found violations in areas including consumer reporting accuracy, redlining, foreclosure, and Public Service Loan Forgiveness The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in 2020 resulting in more…
OCC: New Report Indicates Mortgage Performance Declined in First Quarter 2021
The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the first quarter of 2021. The OCC Mortgage Metrics Report, First Quarter 2021 showed that 94.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
CFPB: Rules Issued to Facilitate Smooth Transition as Federal Foreclosure Protections Expire
Regulations Will Help Prevent Surge of Foreclosures and Protect American Economy The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and which will help protect mortgage borrowers from unwelcome surprises as they exit forbearance. The…
FDIC & Federal Reserve: List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies Released
The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the availability of the 2021 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. Distressed nonmetropolitan…
FEMA: Texas Winter Storm Survivors in Three Additional Counties Can Apply for Federal Disaster Assistance
Texas homeowners and renters in Kerr, Lamar and Shackelford who suffered damage from the February winter storm may now apply for disaster assistance with FEMA. If you applied with FEMA prior to the counties being added, you do not need to reapply. If you have insurance and are applying for disaster assistance, you must also…
HUD: FHA Introduces More Measures to Help Homeowners Struggling Due to COVID-19
One-month extension of foreclosure and eviction moratoria, expanded initial forbearance request timeframes, and new outreach to struggling homeowners provide expanded recovery help. The Federal Housing Administration (FHA) on Friday announced more measures to help homeowners with FHA-insured mortgages who are struggling financially due to the COVID-19 pandemic. These measures will provide additional, immediate relief while also expanding…
Federal Reserve: Extension of PPP Liquidity Facility for Final Time Announced through July 30, 2021
The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. The extension is being made as an operational accommodation to allow additional processing time for banks, community development financial institutions, and other financial institutions to…
FEMA: President Biden Approves Emergency Declaration for Florida
FEMA announced federal emergency aid has been made available to the state of Florida to supplement state and local recovery efforts to the emergency conditions resulting from the Surfside Building Collapse beginning on June 24, 2021 and continuing. The president’s action authorizes FEMA to coordinate all disaster relief efforts, which have the purpose of alleviating…
Census Bureau: Small Business Pulse Survey Phase 5 Weekly Data Released
The U.S. Census Bureau today released new data from the fifth phase of the Small Business Pulse Survey (SBPS). Data collection began May 17. Results will be released weekly May 27 to July 22. The SBPS includes questions on small business operations and finances, requests and receipt of assistance, COVID-19 vaccinations and testing, measures of overall well-being, and…