HUD ML 2020-13
Extends the foreclosure and eviction moratorium through 6/30/2020. Vacant and abandoned properties are now excluded from the moratorium.
- The COVID-19 Forbearance must be reported as 06 – Formal Forbearance
- If a different code was previously reported, mortgagees should stop immediately and begin reporting code 06
- Default Reason code 055 – Related to National Emergency Declaration is available May 1st and must be used no later than the July 2020 reporting cycle
HUD ML 2020-14
Extends the exception to allow exterior only appraisals for origination and servicing through 6/30/2020
FHLMC Bulletin 2020-15 and FNMA LL 2020-07
- Introduces the COVID-19 Payment Deferral Option. This provides expanded eligibility then the previous Payment Deferral Option announced in March
- The loan must be current or less than 31 days delinquent as of 3/1/2020 and no more than 12 months past due as of the date of evaluation
- This can begin July 1, 2020
- Up to 12 months of payments can be deferred into a non interest bearing balance that becomes due at maturity, property transfer or refinance
- FHA, VA and RHS loans are ineligible
- A claim can be filed for expenses such as recordation fees, title costs and notary fees
- Incentive fee information will be provided at a later date
FHLMC Bulletin 2020-16 and FNMA LL 2020-02
- Extends the foreclosure moratorium through 6/30/2020 excluding vacant or abandoned properties
- Servicers must not complete property inspections when the borrower is experiencing a hardship related to COVID 19 or during the forbearance unless the loan was already delinquent or vacant and abandoned
