Alerts

Investor Update July 15, 2020 Source: Fannie Mae The Servicing Guide has been updated to include changes to the following: ▪ Loss draft updates*: simplifies our loss draft disbursement policies while managing risk. ▪ Revisions to post-disaster credit reporting requirements*: removes instructions to suspend credit reporting for borrowers impacted by a disaster. ▪ Payment reminder...

Investor Update July 15, 2020 Source: Fannie Mae With Lender Letter LL-2020-05, Payment Deferral, we announced payment deferral, a new retention workout option jointly developed with Freddie Mac at the direction of the Federal Housing Finance Agency (FHFA). That workout option was created to assist borrowers who became delinquent due...

Investor Update July 15, 2020 Source: Freddie Mac This Guide Bulletin announces: • Updates to insurance loss settlement requirements • Document Custody • Original Security Instrument requirement removal – August 5, 2020 • Addition of lost note affidavit (LNA) provisions – November 1, 2020 • Clarification on insurance coverage – November 1, 2020 Additional Guide updates and reminders • Further updates and reminders...

Investor Update July 15, 2020 Source: Freddie Mac This Guide Bulletin announces: Eligible Disasters • Eligible Disaster updates • Credit reporting requirements updates for Borrowers impacted by an Eligible Disaster • Introduction of the Disaster Payment Deferral – October 1, 2020 COVID-19 Servicing updates and clarifications • Additional updates to Servicer incentives for Extend Modification and Capitalization and Extension Modification • Insurance loss...

Investor Update July 14, 2020  Source: HUD Today, the Federal Housing Administration (FHA) posted a draft revision of the Servicing and Loss Mitigation section (Section III) of the Single Family Housing Policy Handbook 4000.1 (SF Handbook) on the Single Family Housing Drafting Table (Drafting Table) for public review and feedback. This...

Updated 7/11/20: The Weather Channel published a report providing the latest updates on Tropical Storm Fay, which has diminished into a post-tropical low and is moving north toward Canada. Tropical Storm Fay Flooded Streets, Knocked Down Trees Additional Resources: NJ.com (Tropical Storm Fay has dumped a month of rain in...

FEMA Alert July 9, 2020 FEMA issued a Presidential Major Disaster Declaration for areas in Hawaii affected by severe storms and flooding that took place March 27-28, 2020. The following county is eligible for assistance: Public Assistance Kauai Hawaii Severe Storms and Flooding (DR-4549) Additional Resources FEMA’s web site FEMA’s Disaster Declaration Process HUD...

FEMA Alert July 9, 2020 FEMA issued a Presidential Major Disaster Declaration for areas in Tennessee affected by severe storms, straight-line winds and flooding that took place May 3-4, 2020. The following counties are eligible for assistance: Public Assistance Benton Carroll Davidson Decatur Dickson Dyer Hardin Henderson Henry Hickman ...

FEMA Alert July 9, 2020 FEMA issued a Presidential Major Disaster Declaration for areas in Michigan affected by severe storms, and flooding that took place May 16-22, 2020. The following counties are eligible for assistance: Individual/Public Assistance Arenac Gladwin Iosco Midland Saginaw Michigan Severe Storms, Straight-Line Winds and Flooding (DR-4547) Additional...