Advocacy and Policy Initiatives

Advocacy

CHLA Asks Federal Mortgage Officials to Facilitate Refis to Borrowers with Forbearance that Regain their Jobs

CHLA today sent a letter to top federal mortgage officials, asking them to be flexible in allowing refinancing loans to borrowers that regain their jobs after going into forbearance – without imposing higher fees – as an alternative to a partial claim to deal with the missed payments. The model is the post-2008 GSE HARP program, except the exemption would be for recently missed payments

CHLA Urges Fannie and Freddie to Purchase Loans with Post-closing forbearance – to stabilize Correspondent Lending

CHLA sent a letter to FHFA, Fannie Mae, and Freddie Mac asking the GSEs to purchase properly underwritten loans (and not demand repurchase on loans) that go into forbearance after a loan closing. The purpose is to stabilize aggregator pricing and purchasing of conventional loans, and to address the growing financial risks of correspondent lenders being stuck with unsaleable loans because of such forbearance.

CHLA Asks Top Federal Officials for Small IMB Lender Protections to Sell Loans in Wake of Forbearance

CHLA today sent a joint letter to Federal Reserve Chairman Powell, Treasury Secretary Mnuchin, HUD Secretary Carson, and FHFA Director Calabria, asking that any credit facility or advances made available to mortgage servicers that purchase loans from correspondents be condition on prohibiting refusals to buy loans or imposing inferior terms and conditions solely due to forbearance status.

CHLA Writes Top Mortgage Regulators Seeking Action and Offering Solutions to Concerns about Small IMB Liquidity

CHLA today wrote a joint letter to Treasury Secretary Mnuchin, HUD Secretary Carson, and FHFA Director Calabria asking for quick action to ensure the liquidity of smaller IMB servciers in the wake of coronavirus and a 2-month foreclosure moratorium – offering solutions to increased advance responsibilities such as Ginnie Mae advances or guarantees of bank loans to IMBs for that purpose.

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