Compliance & Regulation

The CARES Act does not define what a covered period is when it comes to residential mortgage borrower requests for forbearance.

A statewide stay-at-home order by Gov. Kay Ivey means evictions and foreclosures are on hold for at least a month.

Servicers' obligations to advance or temporarily absorb unpaid funds could range from $3 billion to $13 billion per month, according to Black Knight.

Finance of America Reverse agreed to pay $2.5 million to settle allegations that a company it acquired violated the False Claims Act for loans submitted for Federal Housing Administration insurance in 2010.

The agency said lenders should avoid reporting delinquent payments to credit bureaus for consumers who have sought payment relief due to the pandemic.

Consumer needs are in flux and Top Producers were looking at technology and risks associated with unexpected financial challenges as areas where they weren't yet meeting those needs. The coronavirus only intensified the urgency.

Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown.

New Residential Investment, a real estate investment trust focused on housing, is selling a portfolio of debt with a face value of $6 billion.

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.

Impac Mortgage Holdings suspended all mortgage lending activity for a two-week period effective March 31, citing liquidity constraints at the company's secondary market counterparties as a result of the coronavirus.