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  • 22 Apr 2020 1:19 PM | Anonymous

    News Release

    ​Washington, D.C.  – To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) is approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria by Fannie Mae and Freddie Mac (the Enterprises).

    “We are focused on keeping the mortgage market working for current and future homeowners during these challenging times," said Director Mark Calabria. “Purchases of these previously ineligible loans will help provide liquidity to mortgage markets and allow originators to keep lending."

    Due to the COVID-19 pandemic, some borrowers have sought payment forbearance shortly after closing on their single-family loan and before the lender could deliver the mortgage loan to the Enterprises. Mortgage loans either in forbearance or delinquent are ineligible for delivery under Enterprise requirements. However, today's action lifts that restriction for a limited period of time and only for mortgages meeting certain eligibility criteria. Eligible loans will also be priced to mitigate the heightened risk of loss to the Enterprises from these loans. These prudential measures also ensure fulfillment of the Enterprises' charter requirements to only purchase loans that meet the purchase standards imposed by private, institutional mortgage investors.

    FHFA and the Enterprises will continue to monitor the impact of the coronavirus national emergency on the housing finance market and update our policies as necessary.

    Today's actions are the latest FHFA has taken to support homeowners and the housing finance system. To see the actions FHFA has taken to help Americans impacted by the coronavirus remain in their homes please visit FHFA's  Webpage on Coronavirus Actions.


  • 07 Apr 2020 4:16 PM | Anonymous

    To:  Regulated Mortgage Companies

    Based on the Governor’s mandate regarding non-essential state employees, the New York State Department of Financial Services (the “Department”) is currently operating remotely.

    To minimize the impact our remote operations may have on the ability of licensed mortgage loan originators (“MLOs”) to comply with bond requirements, effective immediately and until further notice, the Department will accept MLO Individual and Originating Entity bond and bond related documentation electronically.

    Going forward, in addition to mailing original documents to the Department as required, regulated entities can submit MLO Surety Bond(s) and bond related document electronically to MLOSURETYBOND@dfs.ny.gov.  The subject line of the email should include the name and NMLS number of the MLO for whom the information is being submitted The body of the e-mail should contain your name and contact information, as well as the specifics relating to the nature and reason for your submission.  For Originating Entity bonds, sponsors must include specific details in the email regarding the purpose for which the bond or certification documents are being provided.

    Click Here for more info

  • 02 Apr 2020 8:51 AM | Anonymous


    Following the Federal Financial Institutions Examination Council's release announcing there would be a 30-day extension for certain reports, the NMLS Policy Committee has decided to amend the previously announced 60-day temporary deadline extension for the following types of reporting submitted in NMLS: Money Services Businesses Call Report, Mortgage Call Report, Mortgage Call Report Financial Condition, and Financial Statements

    Updates for NMLS Criminal Background Checks and SAFE MLO Testing and Education

  • 01 Apr 2020 3:28 PM | Anonymous

    WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic.  In response to the pandemic, many lenders are being flexible when it comes to consumers’ making payments.  The Bureau’s statement underscores that consumers benefit if lenders report accurate information about these arrangements to credit bureaus so that the credit reports of consumers are accurate.

    “During this time of uncertainty, we are providing clarity to ensure the consumer reporting industry can continue to function,” said Director Kraninger.  “Consumers rely on their credit report to purchase a new car, their new home, or to finance their college education.  An effective consumer reporting system is critical in promoting fair and efficient access to credit in the consumer financial services market.”

    As lenders continue to offer struggling borrowers payment accommodations, Congress last week passed the CARES Act.  The Act requires lenders to report to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic.  The Bureau’s statement informs lenders they must comply with the CARES Act.  The Bureau’s statement also encourages lenders to continue to voluntarily provide payment relief to consumers and to report accurate information to credit bureaus relating to this relief.  The continuation of reporting such accurate payment information produces substantial benefits for consumers, users of consumer reports, and the economy as a whole.

    In addition, in response to staffing and resources constraints on lenders and credit bureaus due to the pandemic, the Bureau’s statement also provides flexibility for lenders and credit bureaus in the time they take to investigate disputes.   The Bureau specifically states that it does not intend to cite in an examination or bring an enforcement action against firms who exceed the deadlines to investigate such disputes as long as they make good faith efforts during the pandemic to do so as quickly as possible.

    Earlier this month, the Bureau provided consumers with resources to protect their credit.  The Bureau’s blog outlines the steps consumers should take if they cannot make a payment, how to dispute inaccurate information on their credit report, and how to obtain a free copy of their credit report.  The blog can be found here.

    Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.

  • 01 Apr 2020 9:18 AM | Anonymous


    • Secured Overnight Financing Rate (SOFR) ARM
    • Property tax and escrow clarification

  • 31 Mar 2020 2:26 PM | Anonymous

    The NMLS Policy Committee has been reviewing certain NMLS policies in response to the COVID-19 pandemic and its impact on state regulated entities.

    Following the Federal Financial Institutions Examination Council's release announcing there would be a 30-day extension for certain reports, the NMLS Policy Committee has amended the previously announced 60-day temporary deadline extension for the following types of reporting submitted in NMLS: 

    CLICK HERE for full notice

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