FHFA: COVID-19 Multifamily Forbearance Extended through March 31, 2021
Multifamily property owners that enter in to a new or modified forbearance must offer tenant protections Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through March 31, 2021. The Enterprise programs were set to expire December…
HUD: FHA Announces Updated Single Family Loan-Level Certification Form
Streamlined form capstones efforts to provide certainty for FHA Single Family program participants The Federal Housing Administration (FHA) today announced the completion of its revised and streamlined loan-level certification form required from lenders when originating a single family mortgage intended for FHA insurance endorsement. The updated form eliminates unnecessarily dense language while remaining consistent with pertinent statutes…
FHFA: Notice of Proposed Rulemaking Issued on Enterprise Resolution Plans
Proposed rule would require Enterprises to submit “living will” resolution plans The Federal Housing Finance Agency (FHFA) today announced that it is seeking comment on a notice of proposed rulemaking that would require Fannie Mae and Freddie Mac (the Enterprises) to develop credible resolution plans, also known as living wills. These resolution plans would facilitate…
HUD: FHA Extends Options for Single Family Borrowers Financially Impacted by COVID-19
Extensions ensure borrowers can continue to seek assistance and avoid eviction and foreclosure while maintaining temporary policy flexibilities for lenders and servicers Today, the Federal Housing Administration (FHA) announced it is extending the foreclosure and eviction moratorium for single family FHA-insured mortgages for an additional two months, through February 28, 2021. The FHA is also extending through…
CFPB: Advisory Opinion Issued to Help Expand Fair, Equitable and Nondiscriminatory Access to Credit
Today, the Consumer Financial Protection Bureau (Bureau) issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act (ECOA), as it applies to certain aspects of special purpose credit programs (SPCPs). The ECOA and Regulation B prohibit discrimination on certain prohibited bases in any aspect of a credit…
EDA: $1.1 Million in CARES Act Recovery Assistance Invested to Capitalize Revloing Loan Fund in Del Norte County, CA
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.1 million CARES Act Recovery Assistance grant to the Arcata Economic Development Corporation, Eureka, California, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to small businesses and entrepreneurs adversely affected…
CFPB: Final Rule Issued on Consumer Disclosures Related to Debt Collection
The Consumer Financial Protection Bureau (Bureau) issued today a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers. The rule requires debt collectors to provide, at the outset of collection communications, detailed disclosures about the consumer’s debt and rights in debt collection, along with information to help consumers…
FHFA: Third Quarter 2020 Foreclosure Prevention and Refinance Report Released
The Federal Housing Finance Agency (FHFA) today released its third quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 539,451 foreclosure prevention actions in the third quarter of 2020, bringing to 5.2 million the number of troubled homeowners who have been helped during conservatorships. Of…
EDA: $8 Million Invested in CARES Act Recovery Assistance to Establish Revolving Loan Fund in Colorado
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding an $8 million CARES Act Recovery Assistance grant to Colorado Lending Source, LTD, Denver, Colorado, to establish a Revolving Loan Fund (RLF) that will provide critical loans to small businesses and entrepreneurs adversely affected by the coronavirus pandemic…
HUD: FHA Achieves Full FHA Catalyst Digitial Claim Submission Capabilities for Single Family Forward Mortgages
Latest FHA Catalyst: Claims Module expansion eliminates paper submission processes for all forward mortgage claim types Today, the Federal Housing Administration (FHA) implemented additional functionality in its FHA Catalyst: Claims Module, achieving full, digital submission capabilities for all FHA Single Family Title II forward mortgage claim types and the elimination of manual, labor intensive paper-based…