CORONAVIRUS UPDATES & RESOURCES
Online Resources
- Mortgage Bankers Association COVID-19 Resource Page
- Mortgage Bankers Association COVID-19 Resources for Consumers
- Centers for Disease Control (CDC) Website
- Mass.gov COVID 19 Resource Page
- MMBA's Forbearance resource: COVID-19 Financial Information for Consumers
- MMBA Member-Only Conference Call Moratoriums, Forbearance and the New MA Law
Re-opening Business in Massachusetts Guidance, Phase 1
- The Baker-Polito Administration’s comprehensive plan to safely reopen the Massachusetts economy, get people back to work, and ease social restrictions while minimizing the health impacts of COVID-19
- Reopening: Mandatory Safety Standards for Workplaces
- COVID-19 Control Policy Template
- COVID-19 Compliance Attestation Poster
- Employer Poster
- Worker Poster
- Find PPE Supply Vendors
MMBA COVID-19 Updates
- MMBA Message from Chair Sue Quilty
- DOB recorded webinar (Compliance Strong: Responding to Needs of Consumers in Midst of COVID-19), presentation slides and DOB E-Sign Guidance
- DOB Guidance (3/25/2020) to provide relief for borrowers and homeowners facing imminent foreclosures
- DOB recorded webinar (Compliance Strong: Mortgage Modifications) and presentation slides
- DOB recorded webinar (Compliance Strong: Fail Lending Guidance for Financial Institutions) and presentation slides
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
2020
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- Governor Baker rescinds temporary deferral of smoke and CO2 inspections effective July 10; read the Rescinded Executive Order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
- Massachusetts Realtors Association Smoke and Carbon Monoxide Inspection Addendum, which home buyers must deliver to the head of the local fire department within 72 hours from the date of the agreement/closing
April 28
- Governor signs Chapter 71 of the Acts of 2020, Virtual Notarization to Address Challenges Related to COVID-19
April 27
- Division of Banks issues FAQ for Chapter 65 of the Acts of 2020. An Act Providing for a Moratorium on Evictions and Foreclosures During the COVID-19 Emergency
- Division of Banks issues Industry Guidance Relative to Reverse Mortgage Counseling Requirements Under Chapter 65 of the Acts of 2020
- OCC released bulletin for their regulated entities
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
- Governor signs moratorium on foreclosures and rent into law
- MMBA releases consumer handout for COVID-19 Financial Information
- FHFA addresses Servicer Liquidity Concerns & Announcement Four Month Advance Obligation Limit for Forbearance Loans
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
- HUD issues Mortgage Letter 2020-06 to inform mortgagees of special loss mitigation home retention options available to single family borrowers
- The Boston City Council passed a non-binding resolution calling for the city, state and feds to place a moratorium on rent and mortgage collection, evictions and foreclosures
- The CFPB has posted several articles for consumers on mortgage relief, student loan payment relief, how to avoid scams, and online and mobile banking tips for beginners
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
- The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is passed to provide emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic
March 26
- Fannie Mae issues COVID-19 Frequently Asked Questions on several policy areas to support mortgage originations and appraisals
- Freddie Mac issues COVID-19 Selling-related Frequently Asked Questions
- The Consumer Financial Protection Bureau (CFPB) issues Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act
- The Consumer Financial Protection Bureau (CFPB) issues Statement on Supervisory and Enforcement Practices Regarding Bureau Information Collections for Credit Card and Prepaid Account Issuers
- The Consumer Financial Protection Bureau (CFPB) issues Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic
- Massachusetts Attorney General issues emergency regulation to protect consumers from harmful debt collection practices during Covid-19 crisis
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
- Governor Baker Issues Executive Order for Nonessential Businesses -Essential Services List
- FHFA Directs Enterprises to Grant Flexibilities for Appraisal and Employment Verifications
- Federal Reserve announces extensive new measures to support the economy
- FHFA Authorizes the Enterprises to Support Additional Liquidity in the Secondary Mortgage Market
- The Federal Deposit Insurance Corporation (FDIC) released a set of Frequently Asked Questions
March 20
- Governor Baker Signs Executive Order Deferring Smoke and CO2 Inspections
- Expired Drivers Licenses/RMV Extension
- Registry Closings/Electronic Notarization & Gap Insurance
- Call to Action: Support RON National Legislation
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
- FHFA Suspends Foreclosures and Evictions for Enterprise-Backed Mortgages
- HUD PROVIDES IMMEDIATE RELIEF FOR HOMEOWNERS AMID NATIONWIDE CORONAVIRUS RESPONSE
- CFPB Director Kraninger Statement on Joint HUD-FHFA Announcement on Foreclosure and Eviction Moratorium
- The Federal Housing Administration (FHA) issued COVID-19 Questions and Answers, including a one-month extension of the due date for annual lender recertification (to April 30 for lenders with a December fiscal year end)
- The FHFA suspends foreclosures and evictions for enterprise-backed mortgages
March 16
- Mass Registry of Deeds Update
- The U.S. Department of Veterans Affairs issued Circular 26-20-7 “Special Relief for those Potentially Impacted by COVID-19”
March 15
March 13
- Division issues Guidance to state chartered banks and credit unions
- Link to FFIEC Guidance
- AARMR Guidance for all financial institutions
- The Internal Revenue Service issued Notice 2020-17 extending the April 15 due date for tax payments
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
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