Department of Veterans Affairs Extends Foreclosure Moratorium

May 20, 2020

Recently, Proctor brought to your attention extensions on foreclosure and eviction moratoriums previously issued by the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA). In addition, we would like to draw your attention to a similar publication from the Department of Veterans Affairs (VA), Circular 26-20-18, which extends its […]

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CFPB, HUD, and FHFA COVID-19 Updates

May 20, 2020

HUD and FHFA Extend Foreclosure and Eviction Moratoriums The Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) have announced extensions of prior foreclosure and eviction moratoriums until at least June 30, 2020. FHFA Creates New Payment Deferral Options Additionally, Fannie Mae and Freddie Mac have put forth new payment deferral options for borrowers. For those […]

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Federal Reserve Issues Guidance on FEMA’s 120-Day Payment Grace Period

May 6, 2020

The Federal Reserve issued guidance providing regulated lending institutions direction on how to handle lender placement of flood insurance in response to FEMA extending the NFIP policy payment grace period from 30 to 120 days. The guidance is in the form of FAQs issued to address general COVID 19 relief. Similar to the OCC’s directives […]

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Press Release: Loan Protector Joins Proctor Financial

May 4, 2020

TROY, MI, May 4, 2020 – Proctor Financial, Inc. (Proctor), a leading provider of insurance products and service solutions for financial institutions, announced the acquisition of Loan Protector Insurance Services (Loan Protector) by its parent company, Brown & Brown, Inc. (Brown & Brown). The regulatory requirements have been met and the acquisition was completed on […]

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DC Prohibits Cancellations and Nonrenewals of Policies for Nonpayment

May 1, 2020

The District of Columbia Acting Commissioner issued an order prohibiting all property and casualty insurers authorized to conduct business in the District from canceling and nonrenewing insurance policies for nonpayment of premiums. Additionally, insurers are instructed to provide reasonable accommodations, including waiving late fees for unpaid premiums and providing insureds the option to repay unpaid […]

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CFPB Issues Guidance on Servicing Transfer Process

April 29, 2020

The Consumer Financial Protection Bureau (CFPB) published a compliance bulletin and policy guidance pertaining to residential mortgage loan servicing transfers with the intent of providing clarity, enhancing compliance, and preventing harm to consumers. The Bureau based its guidance on examination findings of inadequate policies and procedures related to the transfer of information between servicers, and stresses […]

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New York Department of Financial Services order for those directly impacted by COVID-19  

April 28, 2020

A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under certain property/casualty insurance policies if you are an individual or small business and can demonstrate […]

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FHFA Addresses Servicer Liquidity Concerns

April 27, 2020

In efforts to address forbearance liquidity concerns posed by the industry, the Federal Housing Finance Agency (FHFA) announced changes to guidelines that limit the number of advance monthly principal and interest payments servicers will be required to send to investors on single-family mortgage loans in forbearance. These revisions align Fannie Mae’s policy with that of […]

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OCC Guidance on FEMA’s 120-Day Payment Grace Period

April 27, 2020

As previously communicated by Proctor, on March 29, 2020, the Federal Emergency Management Agency (FEMA) extended the NFIP policy payment grace period from 30 to 120 days. The grace period is applicable to policies that expire between February 13, 2020 and June 15, 2020. Recently, the OCC provided guidance to mortgage industry groups that gives regulated […]

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Oklahoma Issues Bulletin Granting 45-Day Grace Period

April 9, 2020

In response to the public health disaster emergency declaration for the novel coronavirus disease (COVID-19), the Oklahoma Insurance Department issued bulletins (2020-01/2020-01 Amended), directing all property and casualty insurers providing coverage to Oklahoma residents to extend grace periods to pay insurance premiums by 45-days so that policies are not cancelled for nonpayment during this state […]

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