What happens when borrowers transition out of coronavirus-related mortgage forbearance and into other forms of loss mitigation assistance?
The American Bankers Association joined the Housing Policy Council and the Mortgage Bankers Association in a comment letter to the Department of Housing and Urban Development last week offering feedback on recent proposed changes to the servicing section of the Federal Housing Administration Single-Family Housing Policy Handbook.
COVID-19 forbearance programs—and the rules, regulations and requirements that govern them—present a host of new and unique compliance challenges for mortgage servicers.
Can a Bank Lose its Small Servicer Exemption if it Originates Mortgage Loans That It Sells But Still Services?
…and other answers to your compliance questions in the September/October 2020 ABA Regulatory Policy and Compliance Inbox.
In a comment letter to the Consumer Financial Protection Bureau yesterday, the American Bankers Association supported a recent interim final rule granting flexibility under Regulation X for servicers to offer deferral options to borrowers as they transition from forbearances for financial hardships due to the coronavirus pandemic.
ABA joined the California Bankers Association and other industry groups in a letter opposing A.B. 1436, a bill introduced in the California legislature that would mandate specific outcomes for mortgage forbearance relief, require excessively prescriptive post-forbearance repayment and impose significant legal liability.
Fannie Mae and Freddie Mac today announced a new disaster payment deferral option for servicers to offer customers
The Consumer Financial Protection bureau on Friday issued guidance for transferring mortgage servicing rights to a servicer or sub-servicer.
Fannie Mae and Freddie Mac have issued updates to their servicing guidelines for servicers working with borrowers affected by the coronavirus pandemic.
Financial regulators on Friday issued a joint policy statement granting flexibility to mortgage servicers to work with borrowers struggling as a result of the coronavirus pandemic.