Author: Alert team

FEMA Alert July 15, 2021 FEMA issued a Presidential Major Disaster Declaration for areas in Michigan affected by severe storms, flooding and tornadoes that took place June 25-26, 2021. The following counties have been approved for assistance: Individual Assistance Washtenaw Wayne Michigan Severe Storms, Flooding and Tornadoes (DR-4607)   Additional Resources FEMA’s...

Investor Update July 14, 2021 Source: Fannie Mae The Servicing Guide has been updated to include changes to the following: ▪ Mortgage assistance fund program providers*: updates requirements to apply more broadly to handling funds provided on behalf of a borrower from a state or local government mortgage assistance fund program.] ▪ Mortgage insurance claims...

Disaster Alert July 13, 2021 Source: The New York Times Approximate impacted areas: Oregon – Beatty (Klamath County, 97621) *Concentrated home damage reported in Sycan Estates area – Bly (Klamath County, 97622) – Chester Spring (Klamath County, 97621) NOTE: This has NOT yet been declared a FEMA Major Disaster. As the West continues to bake under torrid...

Investor Update July 13, 2021 Source: FHFA April 2021 Highlights — Foreclosure Prevention   The Enterprises’ Foreclosure Prevention Actions: • The Enterprises completed 87,205 foreclosure prevention actions in April, bringing the total to 5,900,104 since the start of the conservatorships in September 2008. • Approximately 42 percent of these actions have been permanent...

Investor Update July 7, 2021 Source: Fannie Mae For those mortgage loans with pending foreclosure actions as of August 1, 2021, affected by the foreclosure moratoriums related to COVID-19 in the jurisdictions listed below, Fannie Mae authorizes and will reimburse servicers a one-time excess legal fee of $275 for...

Investor Update July 7, 2021 Source: Fannie Mae Based on feedback from customers, we’ve enhanced the servicer toolkit to include resources that support liquidation discussions with borrowers. Review the script and access the resources to help borrowers avoid foreclosure and share homeowner-facing materials to support borrowers when the foreclosure...

Industry Update July 1, 2021 Source: CFPB The Bureau of Consumer Financial Protection is issuing this Enforcement compliance bulletin and policy guidance regarding consumer reporting of rental information in light of upcoming heightened risks to renters associated with inaccurate consumer reporting information. As pandemic-related government interventions aimed at protecting...

Investor Update June 30, 2021 Source: FHFA Changes to loan modification terms will help borrowers stay in their homes   ​​​Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced changes to loan modification terms for COVID-19 impacted borrowers with mortgages backed by Fannie Mae or Freddie Mac (the Enterprises) needing...

Investor Update June 30, 2021 Source: Freddie Mac This Guide Bulletin announces• The expiration of the COVID-19 foreclosure moratorium• Temporary changes to Freddie Mac Flex Modification® for Borrowers with a COVID-19 hardship• Updates to PAID   COVID-19 FORECLOSURE MORATORIUM The foreclosure moratorium last announced in Guide Bulletin 2021-23 will expire on July 31, 2021. Between July...

Investor Update June 29, 2021 Source: FHFA Servicers of Enterprise-backed mortgages will be prohibited from making most first filings for foreclosure before new CFPB rules take effect August 31   Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) servicers will not...