It’s essential to know how recent laws and stimulus impact your brokerage and homeowners.
Congress, the GSEs, and federal agencies have been changing some of the consumer finance laws, regulations, and practices in response to the coronavirus (COVID-19) pandemic. Below are excerpts from a summary of changes, developed by the law firm of K&L Gates LLP. To view its more complete list of federal (and state) developments here.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
For all FHA loans:
The CFPB will work with financial institutions to schedule examinations and supervisory activities in a manner “to minimize disruption and burden.”
In scheduling examinations and supervisory activity, the CFPB will:
To provide mortgage lenders with “flexibility” under the Home Mortgage Disclosure Act (HMDA), the CFPB has stated that:
This article, which will be updated as developments warrant, lists actions Congress, governors, federal and state agencies, and businesses are taking to protect consumers in light of the COVID-19 epidemic. These actions include suspensions on foreclosures, evictions, and terminations of telecommunications and utility service, elimination of interest and forbearance on student loan payments, limits on debt collection, and more.
Sue Johnson is the former executive director of RESPRO, the Real Estate Services Providers Council Inc. She retired in 2015 and is now a strategic alliance consultant.
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