CFPB: Mandatory Compliance Date for General Qualified Mortgage Final Rule Delayed
Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and…
SBA: Supplemental Targeted Advance Launched for Small Businesses Hardest Hit by COVID-19
The U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan (EIDL) assistance – called Supplemental Targeted Advances – on April 22, 2021 that will provide $5 billion in additional assistance to 1 million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic. The…
EDA: $3.5 Million in CARES Act Recovery Assistance Invested for Infrastructure Improvements and Business Capital Support in New Mexico
Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $3.5 million in CARES Act Recovery Assistance grants to help the state of New Mexico prevent, prepare for, and respond to coronavirus. “President Biden is committed to supporting New Mexico communities as they build back better from the…
FHFA: Extension of COVID-19 Related Loan Flexibilities Announced
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30, 2021. Alternative appraisals on purchase and rate-term refinance loans are among the flexibilities that will now be…
HUD: Federal Housing Administration Standard Single Family Servicing Policies Revised
Updates to Single Family Handbook policies strengthen loss mitigation approaches for struggling borrowers while streamlining key requirements for servicers The Federal Housing Administration (FHA) today announced the publication of its update to the Servicing and Loss Mitigation section of the FHA Single Family Housing Policy Handbook 4000.1. This update streamlines many standard operational requirements for mortgage servicers, including revising…
ABA: Report Shows Consumer Delinquencies Rose in Fourth Quarter of 2020
After two consecutive quarters of declines, consumer credit delinquencies rose in the fourth quarter of 2020 as the toll of the pandemic-induced recession weighed on the economy, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in each of the 11 loan categories tracked by ABA. The composite ratio,…
EDA: $3 Million in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Small Businesses in 17-County Region of Kentucky
Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to Community Ventures Corporation, Lexington, Kentucky, to provide critical gap financing to small businesses economically impacted by the coronavirus pandemic in the Bluegrass Region of Kentucky. This EDA grant will…
EDA: $2 Million in CARES Act Recovery Assistance Invested to Establish Revolving Loan Fund to Assist Small Businesses in Berwyn, IL
Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million CARES Act Recovery Assistance grant to the Berwyn Development Corporation, Berwyn, Illinois, to capitalize a Revolving Loan Fund that will provide critical gap financing to small businesses in the Chicago suburb. This EDA grant, to…
EDA: $1.8 Million in CARES Act Recovery Assistance Invested to Capitalize Revolving Loan Fund to Serve Businesses in Yellowstone County, MT
Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.8 million CARES Act Recovery Assistance grant to Big Sky Economic Development Corporation, Billings, Montana, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to businesses adversely affected by the coronavirus…
EDA: $1.7 Million in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Businesses in Northern Montana
Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.7 million CARES Act Recovery Assistance grant to Bear Paw Development Corporation of Northern Montana, Havre, Montana, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to coronavirus-impacted small businesses in…