Author: Alert team

Investor Update September 10, 2020  Source: HUD Today, the Federal Housing Administration (FHA) announced software updates to the Home Equity Reverse Mortgage Information Technology (HERMIT) system, which allows servicers to submit extensions related to the Presidentially -Declared COVID-19 National Emergency for Home Equity Conversion Mortgages (HECM). The extension of...

Investor Update September 9, 2020 Source: Fannie Mae The Servicing Guide has been updated to include changes to the following: Allowable foreclosure attorney fees*: updates the allowable foreclosure attorney fees for Hawaii. ▪ Miscellaneous revisions**: ▪ incorporates disaster payment deferral policies as well as adds references to payment deferral throughout the Servicing Guide, ▪ updates the authority to...

Investor Update August 24, 2020 Source: VA (Circular 26-20-12 Change 1) Additional Resource: Circular 26-20-12: Extended Relief Under the CARES Act for Those Affected by COVID-19 1. Purpose. The purpose of this Circular is to clarify the loan modification option, VA Purchase option, and remove a reference to a lump sum payment. 2. Therefore, Circular...

FEMA Alert September 9, 2020 FEMA issued a Presidential Major Disaster Declaration for areas in Puerto Rico affected by Hurricane Isaias from July 29-31, 2020. The following municipalities have been approved for assistance: Individual Assistance Aguada Hormigueros Mayaguez Rincon Puerto Rico Hurricane Isaias (DR-4560) Additional Resources FEMA’s web site FEMA’s Disaster...

Investor Update September 8, 2020 Source: USDA USDA Rural Development has taken a number of immediate actions to help borrowers across the country.  This announcement outlines relief measures for holders and/or loan servicers of USDA Single Family Housing Guaranteed Loan Program (SFHGLP) mortgages and provides guidance on assisting borrowers...

  Investor Update September 3, 2020 Source: Fannie Mae Effective Sept. 9, the maximum allowable amount for the Judicial Foreclosure fee has been updated from $4,950 to $9,000 for Honolulu County and from $6,000 to $10,000 for all other Hawaii counties in the Hawaii AAA Matrix. To download the full matrix,...

FEMA released a planning supplement to help communities plan for evacuations and shelter-in-place operations during the coronavirus (COVID-19) public health emergency. The “COVID-19 Supplement for Planning Considerations: Evacuation and Shelter-in-Place” supports and builds off of “Planning Considerations: Evacuation and Shelter-in-Place,” released in 2019. Evacuation and shelter-in-place protective...

Investor Update September 2, 2020  Source: HUD Today, the Federal Housing Administration (FHA) is issuing this clarification to mortgagees about its guidance for originating and/or servicing FHA-insured forward mortgages in locations in the U.S. and its territories when the President declares a major disaster area during the COVID-19 pandemic....

  Industry Update September 1, 2020 Source: Bloomberg Additional Resource: DS News (CDC Orders Temporary Halt to Residential Evictions) The Trump administration said it will use its quarantine authority to keep renters in their homes during the coronavirus pandemic as a way to prevent an eviction crisis that could worsen economic strains. The Centers...

Updated 8/28/20: FEMA issued a Presidential Major Disaster Declaration for areas in Louisiana affected by Hurricane Laura from August 22-27, 2020. Louisiana Hurricane Laura (DR-4559) Updated 8/28/20: FOX News published a report detailing tornadic activity spawned by the remnants of Hurricane Laura that impacted portions of Arkansas. Arkansas church...