HUD AND FHFA SUSPEND FORECLOSURES AND EVICTIONS

On March 18, 2020, the U.S. Department of Housing and Urban Development (HUD) authorized the Federal Housing Administration (FHA) to suspend foreclosure and evictions for single family homeowners with FHA-insured mortgages for the next 60 days.  Similarly, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days for homeowners with an Enterprise-backed single-family mortgage. These actions are in response to the COVID-19 pandemic national emergency to help affected borrowers stay in their homes.

The banking agencies(OCC, FDIC, FRB, NCUA, and CFPB) have resources available on their websites to assist financial institutions in dealing with customers affected by COVID-19. Continue to watch our blog for more updates.

HUD’s Press Release

FHFA’s Press Release

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Compliance Resource is offering two pandemic related webinars. Registration is currently open for Pandemic Planning: Is Your Bank Prepared? on March 23 and registration for Pandemic Relief: Managing Compliance Issues on March 26 will be available on our webinar training page soon.

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