Agencies Propose Revisions to Flood Q&As

June 30, 2020

The five federal agencies (FDIC, OCC, FRB, NCUA, and Farm Credit Administration – collectively, Agencies) issued a request for public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance. The existing Q&As were last updated almost a decade ago in 2011. The Agencies’ proposal includes new Q&As covering topics, including but not […]

Read More

FDIC Releases Flood Guidance with Coronavirus FAQs

June 23, 2020

The Federal Deposit Insurance Corporation (FDIC) joined the OCC and Federal Reserve in issuing guidance providing regulated lending institutions direction on how to handle lender placement of flood insurance in response to FEMA’s WYO Bulletin extending the NFIP policy payment grace period from 30 to 120 days. The guidance is in the form of FAQs […]

Read More

Fannie and Freddie Q&A and Guide Updates

June 23, 2020

Freddie Mac Selling Guide Updates – Property Insurance Requirements Effective June 10, 2020, Freddie Mac will relocate property insurance requirements from Servicing Guide Chapter 8202 to an entirely new section, Chapter 4703, within the Selling Guide. By relocating the content, Freddie hopes to make it easier for Sellers to find the information. Freddie announced the […]

Read More

CFPB Issues Coronavirus Complaint Bulletin

June 23, 2020

The Consumer Financial Protection Bureau (CFPB) Office of Consumer Response issued a bulletin containing complaint data trends for 2020, including statistics on consumer complaints pertaining to the novel coronavirus (COVID-19). According to the CFPB, of the total 143,609 complaints received between the first of the year and April 30, just over 4,500 pertained to COVID. […]

Read More

OCC, HUD, VA and FHFA COVID-19 Updates

June 23, 2020

HUD, VA and FHFA Extend Foreclosure and Eviction Moratoriums In efforts to assist mortgagors and renters as they recover financially, the Department of Housing and Urban Development (HUD), the Department of Veterans Affairs (VA), and the Federal Housing Finance Agency (FHFA) announced another extension of previously issued foreclosure and eviction moratoriums until at least August […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More



Next Page »