Stay up-to-date on all industry news with the latest edition of DS5: Inside the Industry will be available on Tuesday.
Tuesday’s video will be highlighted by the Federal Housing Finance Agency (FHFA) Director Dr. Mark A. Calabria.
Calabria discusses the agency’s actions with mortgage forbearance programs, what they are doing to assist homeowners, and how recent programs could impact services.
The U.S. Department of Housing and Urban Development (HUD) announced last week a tailored set of mortgage relief options for homeowners with FHA-insured mortgages who have been impacted by COVID-19.
HUD states, effective immediately for those who cannot make mortgage payments due to the virus, servicers must extend deferred or reduced mortgage payment options for up to six and also provide an additional six months of forbearance if requested by the borrower.
“The last thing any of us wants is for Americans to lose their homes unnecessarily while we continue to fight this invisible enemy. If you’re struggling, immediate help is now available. The FHA will continue to work with stakeholders to ensure that the loss mitigation options that are offered for both forward and reverse borrowers are appropriately tailored for the present situation,” said Dr. Benjamin Carson, Secretary of HUD.
The FHFA also authorized several loan processing flexibilities from Fannie Mae and Freddie Mac.
“These loan processing flexibilities will expedite loan closings and help keep homebuyers, sellers, and appraisers safe during this national emergency," said FHFA Director Dr. Mark Calabria.
A statement from Fannie Mae said, “our ability to serve our customers is a top priority.”
Also appearing on future episodes of DS5 is Robert Caruso, CEO of Service Mac and Allen Price, SVP, BSI Financial.
Here's what else is happening in The Week Ahead:
Federal Open Market Committee Meeting Minutes (April 8)
Consumer Sentiment Index (April 9)
Freddie Mac Primary Mortgage Market Survey (April 9)