CFPB: CSBS and CFPB Issue Consumer Guide on Mortgage Relief Options
To guide homeowners with federally backed loans through the process of obtaining mortgage relief, the Consumer Financial Protection Bureau (Bureau) and the Conference of State Bank Supervisors today released a Consumer Relief Guide with borrowers’ rights to mortgage payment forbearance and foreclosure protection under the federal CARES Act. Kathleen L. Kraninger, CFPB Director: “CFPB is working hand-in…
HUD: FHA Extends Foreclosure and Eviction Moratorium; Remote Work Flexibilities for Lenders and Appraisers
Extensions Through June Provide Peace of Mind to Struggling Homeowners While Supporting New MortgageOriginations During COVID-19 Recovery Today, the Federal Housing Administration (FHA) announced an extension of its foreclosure and eviction moratorium through June 30, 2020, for homeowners with FHA-insured Single Family mortgages, while also supporting new FHA-insured mortgage originations through an extension of temporary policy flexibilities for lenders…
FHFA: Foreclosure and Eviction Moratorium Extended
Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending their moratorium on foreclosures and evictions until at least June 30, 2020. The foreclosure moratorium applies to Enterprise-backed,…
FHFA: Payment Deferral as New Repayment Option for Homeowners in COVID-19 Forbearance Plans Announced
Today, to help homeowners who are in COVID-19 related forbearance, the Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) are making available a new payment deferral option. The payment deferral option allows borrowers, who are able to return to making their normal monthly mortgage payment, the ability to…
CFPB, FHFA & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19
To ensure homeowners and renters have the most up to date and accurate housing assistance information during the COVID-19 national emergency, today the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) launched the new mortgage and housing assistance website https://www.cfpb.gov/housing. CFPB, FHFA and HUD are…
FHFA: Loan Processing Flexibilities Extended for Fannie Mae and Freddie Mac Customers
The Federal Housing Finance Agency (FHFA) extended several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (The Enterprises) designed to help borrowers during the COVID-19 national emergency. Those flexibilities are extended until at least June 30th and include: Alternative appraisals on purchase and rate term refinance loans; Alternative methods for verifying employment before…
CFPB: Paving the Way for Consumers Facing Financial Emergencies to Obtain Access to Mortgage Credit More Quickly
Today, the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic. “The steps we are taking today will help consumers facing financial emergencies obtain access to mortgage credit faster,” said CFPB Director…
FHFA: “No Lump Sum Required at the End of Forbearance” says FHFA’s Calabria
To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum. “During this national health emergency, no one should be worried about losing their home,” said Director Mark Calabria….
FHFA: Enterprises Will Purchase Qualified Loans in Forbearance to Keep Lending Flowing
To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) is approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria by Fannie Mae and Freddie Mac (the Enterprises). “We are focused on keeping the mortgage market working for current and future homeowners during these challenging times,” said Director…
FHFA: Service Liquidity Concerns Addressed; Four Month Advance Obligation Loan for Loans in Forbearance
Agency also clarifies that loans under forbearance will remain in MBS Pools Today, the Federal Housing Finance Agency (FHFA) announced the alignment of Fannie Mae’s and Freddie Mac’s (the Enterprises) policies regarding servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans. Once a servicer has advanced four months of missed…