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 […]

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 […]

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. […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]