A National Mortgage News story highlights CHLA’s joint letter to HUD Secretary Carson, FHFA Director Calabria, VA Secretary Wilkie, and RHA Administrator Lammers asking for detailed guidance on how servicers implement the forbearance requirements in the CARES Act for FHA, GSE, VA, and RHS loans. The letter highlighted the objective of not encouraging borrowers that can make payments from using forbearance.
In an oped in Scotsman Guide’s April Magazine, Wayne Watkinson of Offit Kurman warns about SAFE Act creep, where states expand the critieria beyond the SAFE Act Model Code for whether non-bank mortgage loan originators must be licensed – and argues for more SAFE Act parity, such as requiring all LOs to pass the SAFE Act test.
A National Mortgage News Op-Ed authored by Scott Olson, CHLA Executive Director, makes the case for a broad-based credit facility for all IMB servicers to meet huge rise in advances caused by a new forbearance requirement and by rising defaults because of coronavirus. The oped explains this is not a bailout, is not particularly risky, and is critical for mortgage borrowers.
National Mortgage News: CHLA Seeks Suspension of Tighter GSE Requirements Due to Coronavirus, Small Business Concerns
CHLA sent a joint letter to Treasury Secretary Mnuchin, HUD Secretary Carson, and FHFA Director Calabria, urging decisive action to ensure liquidity of IMB servicers in the wake of the coronovirus and 2-month foreclosure moratorium – offering potential solutions such as Ginnie Mae advances and a federal guarantee of bank loans to fund advances.
Santo Chiarelli (Partner at ACS, Iselin, NJ) provides his perspective from the firm’s work providing accounting and auditing services on the outlook for IMBs as they navigate the year 2020, highlighting the impact of the 2017 tax bill, economic outlook, and compliance issues.
CHLA Board Member Bill Giambrone (President and CEO of Platinum Home Mortgage) highlights the joint proposal by CHLA, the National Association of Realtors, consumer groups, PMIs, and other small lender groups to provide more flexibility for QM through a higher DTI with compensating factors and updating Appendix Q – explaining why it is a better approach than the large bank approach of eliminating DTI.
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
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)
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