Maryland Issues Executive Order Restricting Foreclosure Actions and Prohibiting Evictions During COVID-19 Emergency

A&B ABstract: In response to the economic fallout of the COVID-19 pandemic, state executives and legislatures have seriously restricted residential foreclosures and evictions.  These restrictions have included requiring forbearance for private mortgage loans and placing moratoria on foreclosures. While these restrictions generally apply to residential mortgages lapsed in the wake of the global pandemic, they do […]

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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 […]

The post FHFA Limits Servicer Advancing Obligations for Loans in COVID-19 Forbearance appeared first on Alston & Bird Consumer Finance ABstract.

Our Financial Services & Products Group answers some questions mortgage servicers might have about how federal and state agencies will be flexible with enforcement under the CARES Act. What is the “covered period” for purposes of Section 4022? Can a servicer require a borrower to provide a written attestation? Should servicers report the status of […]

The post Regulatory Agencies Issue Mortgage Servicing Guidance and FAQs for the CARES Act appeared first on Alston & Bird Consumer Finance ABstract.