CFPB, HUD, and FHFA COVID-19 Updates

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 who are unable to make their monthly payment, they may repay their missed payments at the time the house is sold, refinanced, or at maturity. The deferral payment options will become available beginning July 1, 2020.

CFPB, HUD, and FHFA Launch COVID-19 Resource

The Consumer Financial Protection Bureau (CFPB), the Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) have launched a new website to help homeowners and renters impacted by COVID-19. The website strives to outline the regulatory changes and other protection put in place to assist consumers. With regard to mortgages, the various relief options apply to both conventional and reverse mortgages.

To review the FHFA News Release, click here.

Proctor will continue to monitor these topics and provide updates as they develop.

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