CORONAVIRUS UPDATES & RESOURCES | Massachusetts Mortgage Bankers Association


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Re-opening Business in Massachusetts Guidance, Phase 1

MMBA COVID-19 Updates

February 16, 2021

  • The Biden Administration extended the COVID-19 foreclosure moratorium for homeowners through June 30, 2021 and extended the mortgage payment forbearance enrollment window through June 30, 2021 for borrowers who wish to request forbearance. The Administration also provided up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered forbearance on or before June 30, 2020. Read more details in the press statement


August 31

  • The FHFA announced that Fannie Mae and Freddie Mac will extend buying qualified loans in forbearance and several loan origination flexibilities until September 30, 2020

July 22

  • MMBA issues Call to Action to oppose rent and foreclosure moratoriums
  • MAA issues Call to Action to oppose rent and foreclosure moratoriums 

July 21

  • Governor Charlie Baker extends the pause on evictions and foreclosures for 60 days, until October 17, 2020; read the extension letter

June 30

  • Governor Baker rescinds temporary deferral of smoke and CO2 inspections effective July 10; read the Rescinded Executive Order

June 23

  • The Consumer Financial Protection Bureau (CFPB) issued an interim final rule that will make it easier for consumers to transition out of financial hardship caused by the COVID-19 pandemic and easier for mortgage servicers to assist those consumers. The CFPB also issued an interpretive rule to provide guidance to creditors and other persons involved in the mortgage origination process about the way in which the CFPB determines which counties qualify as "underserved" for a given calendar year. Click here for the list of rural and underserved counties, using the HMDA data described in the interpretive rule.

June 22

  • The Consumer Financial Protection Bureau issued two Notices of Proposed Rulemaking (NPRMs) to address the impending expiration of the Government-Sponsored Enterprises Patch. To read the NPRM on the General QM loan definition, click here. To read the NPRM on the proposed extension of the QM Patch, click here.

June 17

  • The Office of Comptroller of the Currency (OCC) issued a bulletin "COVID-19 Relief Programs Pre-emption." The bulletin is a strong statement of federal preemption of pandemic response mandates that they have seen proposed by state legislatures and city councils. The new bulletin goes beyond the OCC's April 24 bulletin by specifically referring to the actions by state and local governments.

June 15

  • The MA Division of Banks issues guidance for annual meetings for banks and credit unions

June 4

  • The Consumer Financial Protection Bureau and the Conference of State Bank Supervisors issued joint guidance to mortgage servicers to assist in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act provisions granting a right to forbearance to consumers impacted by the COVID-19 pandemic

May 4

April 28

April 27

 April 22

  • Hank Investigates: Home refinance requirements putting people at potential risk of COVID-19; see the story on Boston 7 News 
  • Dave Stevens discusses the consequences of the FHFA's servicing and forbearance policies in an interview in the National Real Estate Post Daily 

April 21

April 9

  • MMBA Call to Action to Contact FHFA and federal Legislators 
  • MMBA sends FHFA letter on appraisals, forbearance and liquidity policies

April 2

  • CFPB releases video on how mortgage forbearance works under the CARES Act

April 1

March 31

  • Pending legislation in Massachusetts is expected to pass the week of April 6 and will provide temporary protections for renters and homeowners during the COVID-19 emergency 

March 27

March 26

March 25

  • Governor Baker Issues new actions to protect homeowners and low-income tenants from eviction and foreclosure
  • DOB issues guidance to provide relief for borrowers and homeowners 

March 23

March 20

March 19

  • The FDIC Chairman sent a letter to the Financial Accounting Standards Board asking the Board to delay or exclude implementation or application of certain accounting rules
  • Ginnie Mae, FHFA announce further LIBOR transition updates
  • The federal banking agencies released a joint statement addressing the Community Reinvestment Act

March 18

March 16

March 15

March 13

March 12

  • MA Division of Banks Issues COVID-19 Guidance:
    • The Massachusetts Division of Banks issued a reminder to licensees that they should have in place business continuity plans in relation to a pandemic outbreak and its potential impact on the delivery of financial services.  In light of the Coronavirus/COVID-19 outbreak, it is critical that licensees are prepared for a pandemic in order to minimize business disruption.  Guidelines for licensees to consider when developing a pandemic preparedness policy include, but are not limited to:
    • Document your strategy for responding to a pandemic that is scaled to the stages of an outbreak (an example of such is found here)
    • Ensure continuance of critical operations via a comprehensive framework of operations, including identification of systems and services needed to continue operations remotely if necessary
    • Communicate plans with staff, service providers, customers, and regulators, including educating staff about company policies
    • Educate employees on risk mitigation strategies, such as those found here
    • Test pandemic planning practices and capabilities
    • Ensure sufficient flexibility in the pandemic plan to address a range of possible effects that could result from a pandemic
  • In addition, as concerns about the Coronavirus/COVID-19 are heighted, the Division of Banks has received questions related to the Division's position on licensed mortgage loan originators (MLO) originating mortgage loans from their home as opposed to a licensed branch office, during a period of being quarantined or social distancing themselves in their home due to the coronavirus.  The Division is sensitive to the issue and encourages all licensees to use a common sense approach.  The Division does not require MLO's homes to be licensed as a branch as long as they do not advertise the home as an office and do not meet consumers at their home.  The Division would also permit all other licensees to work from home, provided the arrangement is feasible for their business model and license type, that it is not advertised as an office, and that the licensee does not meet consumers at their home.
  • Below are some additional resources on pandemic planning for your convenience:
  • If you should have any questions related to this communication, please contact the MA Division of Banks:
    • CFMSB Companies: 617-956-1500, ext. 61479   
    • Mortgage Companies: 617-956-1500, ext. 61480 

March 10

  • Governor Baker declared a state of emergency in Massachusetts. On Monday the federal regulatory agencies and CSBS released a statement encouraging consumer support during the Coronavirus crisis. We will be updating you and providing you with any resources that we feel will help you with this journey.
  •  The MMBA will be postponing upcoming events such as the Affordable Lending Summit - we want to keep you safe! The office will explore technology that will virtually enhance our programs and your experiences.
  • In the meantime, we are committed to be: 
    • Your Resource for any updates and information to support you. 
    • Your Voice - Beacon Hill and Capitol Hill are still very active. There continue to be federal and state issues that we will be advocating on your behalf.
    • Your Connection to peers in the mortgage industry. It may not be in-person for the next few weeks, but we will keep you connected!
  • Together we will get through this! The mortgage industry is resilient, and we can work together to support each other through historic high volumes; staffs stretched to capacity and juggling the pressures from COVID-19.