A&B Abstract: On April 23, 2020, the attorneys general of 33 states, the District of Columbia and Puerto Rico (the “Attorneys General”) sent two letters, one to the Federal Housing Finance Agency (“FHFA”) and the other to the U.S. Department of Housing and Urban Development (“HUD” and collectively with FHFA, the “Agencies”), respectively, noting that […]
Federal Housing Finance Agency (FHFA)
FHFA Clarifies Repayment Requirements for GSE Forbearance Plans
A&B ABstract: On April 27, the FHFA provided clarification on the repayment of mortgage loan forbearance granted in response to the COVID-19 pandemic. FHFA Announcement On April 27, Federal Housing Finance Agency (“FHFA”) Director Mark Calabria clarified that borrowers who have a GSE-backed mortgage will not be required to make a lump sum repayment at […]
FHFA Limits Servicer Advancing Obligations for Loans in COVID-19 Forbearance
A&B ABstract: A new Federal Housing Finance Agency policy brings clarity for mortgage servicers’ liquidity needs and provides a cap on servicer advancing obligations during the coronavirus pandemic. FHFA Clarification On April 21, 2020, the Federal Housing Finance Agency (FHFA) announced that it was aligning Fannie Mae’s and Freddie Mac’s policies so that servicers of Fannie […]
FHFA Proposes New Minimum Financial Requirements for Fannie Mae and Freddie Mac Seller/Servicers
A&B ABstract In keeping with broader scrutiny on non-bank servicers, the Federal Housing Finance Agency (FHFA) is proposing new financial eligibility requirement for non-bank servicers doing business with Fannie Mae or Freddie Mac. The Proposal: On January 31, the FHFA proposed new financial eligibility requirements for approved nonbank Seller/Servicers doing business with Fannie Mae or […]