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Federal Reserve Reports Federal Agencies Encourage Mortgage Servicers To Work With Struggling Homeowners Affected By COVID-19

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  • Board of Governors of the Federal Reserve System
  • Conference of State Bank Supervisors
  • Consumer Financial Protection Bureau
  • Federal Deposit Insurance Corporation
  • National Credit Union Administration
  • Office of the Comptroller of the Currency

April 4, 2020 - The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency. The actions announced today by the agencies inform servicers of the agencies' flexible supervisory and enforcement approach during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules. The policy statement and guidance issued today will facilitate mortgage servicers' ability to place consumers in short-term payment forbearance programs such as the one established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Under the CARES Act, borrowers in a federally backed mortgage loan experiencing a financial hardship due, directly or indirectly, to the COVID-19 pandemic, may request forbearance by making a request to their mortgage servicer and affirming that they are experiencing a financial hardship during the COVID–19 pandemic. In response, servicers must provide a CARES Act forbearance, that allows borrowers to defer their mortgage payments for up to 180-days and possibly longer.

The policy statement clarifies that the agencies do not intend to take supervisory or enforcement action against mortgage servicers for delays in sending certain early intervention and loss mitigation notices and taking certain actions relating to loss mitigation set out in the mortgage servicing rules, provided that servicers are making good faith efforts to provide these notices and take these actions within a reasonable time.

To further enable short-term payment forbearance programs or short-term repayment plans, mortgage servicers offering these programs or plans will not have to provide an acknowledgement notice within 5 days of receipt of an incomplete application, provided the servicer sends the acknowledgment notice before the end of the forbearance or repayment period.

The guidance also reminds servicers that there is existing flexibility in the rules with respect to the content of certain notices. Finally, to assist servicers experiencing high call volumes from consumers seeking help, the policy statement also confirms that the agencies do not intend to take supervisory or enforcement action against mortgage servicers for delays in sending annual escrow statements, provided that servicers are making good faith efforts to provide these statements within a reasonable time.

More Articles ...

  1. California Housing Affordability Holds Steady in Fourth Quarter 2019, C.A.R. Reports – Minimum Qualifying Income for Mariposa County: $60,800
  2. Low Interest Rates Boost California Housing Market in Second Half of Year as Home Prices Post Strong Gains in December 2019, C.A.R. Reports - Mariposa County Median Sold Price of Existing Single-Family Homes: $299,900
  3. California Home Sales and Prices Ease Back in November 2019, But Low Rates and Tight Supply Continue to Provide Support to the Market, C.A.R. Reports - Mariposa County Median Sold Price of Existing Single-Family Homes: $410,000
  4. California Housing Market Holds Steady in October 2019, C.A.R. Reports – Mariposa County Median Sold Price of Existing Single-Family Homes: $295,000
  5. Cheaper Mortgages and Income Growth Improve Housing Affordability in 2019 Third Quarter, C.A.R. Reports – Minimum Qualifying Income for Mariposa County: $62,000
  6. Greater Buying Power Amid Historically Low Rates Bolsters September 2019 Home Sales, C.A.R. Reports - Median Sales Price of Existing Single-Family Homes for Mariposa County at $318,000
  7. C.A.R. Releases its 2020 California Housing Market Forecast – Finds Economic Uncertainty and Affordability Issues to Subdue California Home Sales
  8. 2019 August Home Sales and Price Report Finds Low Interest Rates Boost California Housing Market as Median Home Price Sets Another Record, C.A.R. Reports – Mariposa County Median Sold Price for Existing Single-Family Homes in August: $330,000
  9. California Home Sales Perk Up In July 2019 For First Time In More Than A Year, C.A.R. Reports – Mariposa County Sales Up 8% Year Over Year
  10. California Housing Affordability Dips in Second Quarter 2019, C.A.R. Reports - In Mariposa County 45% of Mariposa County Households Could Afford to Purchase the $300,000 Median-Priced Home


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