HUD Issues List of Regulatory Waivers for Fourth Quarter of 2019
On April 16, 2020, HUD issued a list of Federal Regulatory waivers granted from October 1, 2019, through December 31, 2019. HUD publishes notice of... Read More
Federal Regulatory Developments
FHFA Announces Four Month Advance Obligation Limit for Loans in Forbearance to Address Servicer Liquidity Concerns
In response to growing industry concerns regarding servicer liquidity due to CARES Act mortgage forbearances, the FHFA announced a four-month limit to advance monthly principal... Read More
Freddie Mac Issues Temporary Selling Requirements for Loans in COVID Forbearance
On April 22, 2020, as part of its response to the COVID-19 Crisis, Freddie Mac issued Bulletin 2020-12, addressing temporary changes to its selling requirements... Read More
CFPB Issues Interpretive Rule on Treatment of COVID-19 Relief Payments
The CFPB recently issued an interpretive rule explaining that certain pandemic relief payments are not considered government relief payments for purposes of ECOA and its... Read More
Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility
The OCC, the Board of Governors of the Federal Reserve System (the Board), and the FDIC (together, the Agencies) issued an interim final rule (Interim... Read More
NACHA Extends Effective Dates of Data Security Rule
The National Automated Clearing House Association (NACHA) has extended the upcoming effective dates of the Rule on Supplementing Data Security Requirements (Supplementing Rule). Phase I... Read More
CFPB Issues Statement on Remittance Rule Supervisory and Enforcement Practices
The CFPB recently published a policy statement outlining its position with respect to the enforcement and supervision of its Remittance Rule (Rule), which implements the... Read More
Fannie Mae and Freddie Mac Extend URLA Implementation Timeline in Response to COVID-19 Pandemic
Fannie Mae and Freddie Mac (the GSEs) recently extended the implementation timeline for the redesigned Uniform Residential Loan Application (URLA) and automated underwriting systems (AUS)... Read More
FHA Issues Mortgagee Letter 2020-08 to Announce FHA Catalyst: Claims Module
Mortgagee Letter 2020-08 announces FHA’s expedited completion, in light of operational difficulties that FHA mortgage servicers are facing due to COVID-19, of the FHA Catalyst:... Read More
Banking Agencies Issue Guidance on Call Report Changes
The FDIC, FRB, and OCC have issued supplemental instructions for completing required call reports and risk-based capital reporting, along with reminders to depository institutions regarding... Read More
Freddie Mac Issues Additional Guidance Related to Its COVID-19 Response
On April 14, 2020, as part of its response to the COVID-19 Crisis, Freddie Mac issued Bulletin 2020-11, addressing temporary changes to its requirements intended... Read More
FHA Updates Guidance on HECM Assignments and Issues Partial Waiver for HECM Tax Arrearages During COVID-19 Crisis
On April 14, 2020, FHA released Mortgagee Letter 2020-12 (ML 2020-12) and FHA INFO 20-27, announcing alternative documentation options and delayed documentation delivery deadlines in... Read More
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