LENDING

See:  FHFA’s Page with all links and updates

FHFA Homeowner FAQ

FHFA COVID-19 Servicing Scripts and Mortgage Assistance Application Translations

CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19

FHFA Further Extends COVID-Related Loan Flexibilities

Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended

FHFA Extends Foreclosure and REO Eviction Moratoriums

FHFA Announces Payment Deferral as New Repayment Option for Homeowners in COVID-19 Forbearance Plans

FHFA Announces Refinance and Home Purchase Eligibility for Borrowers in Forbearance

FHFA Authorizes Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers

FHFA Announcement: No lump sum required at the end of forbearance

• See also Fannie Mae and Freddie Mac guidelines:
  • Fannie Mae: Understand Your COVID-19 Mortgage Options
  • Freddie Mac: Lump Sum Repayment is Not Required in Forbearance

The CFPB also released a comprehensive guide to coronavirus mortgage relief options. Access it here.

• Interagency Statement on Appraisals and Evaluations During the Pandemic
• CFPB and State Regulators Provide Additional Guidance to Assist Borrowers Impacted by the COVID-19 Pandemic
• CFPB Releases Compliance Bulletin and Policy Guidance on the Handling of Information and Documents During Mortgage Servicing Transfers.
• CFPB Releases Interim Final Rule on Treatment of Certain COVID-19 Related Loss Mitigation Options

For more information, check out relevant Lender Letters:

• Impact of Covid-19 on Originations Fannie Mae
• Lender Letter on Payment Deferrals Fannie Mae
• Fannie Mae Covid-19 Payment Deferral Lender Letter
• Lender Letter on Impact of COVID-19 on Appraisals
• Impact of COVID-19 on Servicing Fannie Mae Lender Letter
• GSEs Extend Uniform Residential Loan Application and automated underwriting systems implementation to March 1, 2021
• FHA’s Loss Mitigation Options for Single Family Borrowers Affected
• FHA’s Foreclosure and Eviction Moratorium Extended Through June 30, 2021
• All Fannie Mae Single-Family Sellers Selling Loans in Forbearance Due to COVID-19
• Temporary Selling Requirements for Mortgages in COVID-19 Related Forbearance

Not necessarily. FHFA announced on 4/22 that it is approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria by Fannie Mae and Freddie Mac.

This includes situations in which, before the loan is sold to a GSE, the lender becomes aware that the individual borrower’s employment or income status has been negatively impacted. 

See here for detailed guidance:  Loans in Forbearance Due to COVID-19

Fannie Mae and Freddie Mac will extend commitments, but it’s possible they may charge for it.

We are still awaiting guidance on this issue.

• The CARES Act provides that any borrower with a federally backed mortgage (e.g., Fannie, Freddie, VA, FHA, USDA) may request forbearance for up to one year.
• ICBA believes it is likely that the Federal Reserve will create a liquidity facility for mortgage servicers that service federally backed loans.

Yes, Treasury, the FDIC, and the Federal Reserve recently released an interim final rule that defers the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions, excluding transactions for acquisition, development, and construction of real estate.

However, regulated institutions should make best efforts to obtain a credible valuation of real property collateral before the loan closing, and otherwise underwrite loans consistent with the principles in the agencies’ Standards for Safety and Soundness and Real Estate Lending Standards.  

See here for more details: Interim Final Rule

Yes, the CFPB recently took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly.

They released an interpretive rule clarifying that consumers can exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules.

See HERE for more information.