All posts by Christina Wiley

FHFA Extends COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers

The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities extended until at least July 31st include: Alternative appraisals on purchase and rate term refinance loans; Alternative methods for verifying employment before loan closing; Expanding the use of power of attorney and remote online notarizations to assist with loan closings; and Authority to purchase mortgages in forbearance.

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Join Mortgage Action Alliance

New York is the financial capital of the country, and as such, should have the highest number of MAA members.  Right now, New York is not the leader in MAA members. New York Real estate finance professionals need to be engaged in a vital way that directly impacts the way you do business.  Whether you’re the CEO, CFO, CIO, Vice-President, Manager, Underwriter, Processor, Closer, QC, Servicer,  in the Secondary Market–YOUR VOICE SHOULD BE HEARD. YOU SHOULD JOIN MAA–TODAY! Follow this link to complete a simple form. …

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FHA Extends Remote Work Flexibilities for Lenders and Appraisers

In addition to to issuing an extension of FHA’s foreclosure and eviction moratorium for single family homeowners, FHA also announced an extension for remote work flexibilities. Extensions Through June Provide Peace of Mind to Struggling Homeowners While Supporting New Mortgage Originations During COVID-19 Recovery WASHINGTON -5/14/2020  The Federal Housing Administration (FHA) announced an extension of its foreclosure and eviction moratorium through June 30, 2020, for homeowners with FHA-insured Single Family mortgages, while also supporting new FHA-insured mortgage originations through an extension of temporary policy flexibilities for lenders and appraisers.…

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Latest Foreclosure Prevention & Refinance Report Released

The Foreclosure Prevention & Refinance Report and Federal Property Manager’s Report as of February 2020 has been posted.  This report quantifies the number of foreclosure prevention actions taken by Fannie Mae & Freddie Mac, the Enterprises, year-to-date and cumulative since the beginning of the conservatorships in September 2008. Issued by FHFA 5/14/2020 Foreclosure Prevention, Refinance and FPM Report – February 2020

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April New Home Purchase Mortgage Applications Decreased 12 Percent

WASHINGTON, D.C. (May 14, 2020) — The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2020 shows mortgage applications for new home purchases decreased 12 percent compared from a year ago. Compared to March 2020, applications decreased by 25 percent. This change does not include any adjustment for typical seasonal patterns. “New home purchase applications severely weakened in April, which coincided with the peak of the social distancing efforts and restrictions on non-essential activities to help slow the spread of COVID-19. During what’s typically…

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RESOURCES

New York Department of Financial Services

Guidance and Regulations relative to COVID-19


Guidance & List of Essential Services by ESD (Updated 6/29/2020)

Executive Orders issued by Governor Cuomo relative to COVID-19

202.23 Non-housing/banking related issues
202.22  Real Property Tax Law related issues
202.21  Non-housing/banking related issue
202.20  Various non-housing/banking related issues
202.19  Various non-housing/banking related issues
202.18  Electronic meetings for non-profits; Condominiums in 1st year of operation; Extension of previous EOs to May 15, 2020
202.17  Non-housing/banking related issues
202.16  No Action/No Filing letters for affordable housing and homeless shelters
202.15  Various non-housing/banking related issues
202.14  Increase in fines for non-compliance of social distancing directive
202.13  Certain construction is exempt from in-person; Modification of Section 576 of the Banking Law
202.12  Election & Health Issues
202.11  Various non-housing/banking related issues
202.10  Health & Education Issues
202.9  Mortgage Forbearance
202.8  Reduce in-person workforce to 100%; Limited Court actions
202.7  Reduce in-person workforce to 75%; Allow Electronic Notarization
202.6  Reduce in-person workforce to 50%; Essential Services identified by ESD
(updated 5/19/2020)
202.5  Various non-housing/banking related issues

MBA’s COVID-19 Resource Page

MBA’s COVID-19 Resources for Consumers

MBA CEO Meeting NYMBA

New York MBA Executive Board–Working for You!

Steven A. Milner – Founder and CEO of US Mortgage Corporation and NY MBA President, and Jim Bopp,  National Renovation Lending Manager of Platinum Home Mortgage Corporation and NY MBA Immediate Past President shown here with MBA’s President and CEO Bob Broeksmit, CMB at the MBA CEO Listening Tour held last week in Iselin NJ (at the headquarters of Homebridge Financial Services, Inc.).   They were joined by other MBA Senior Staff and industry CEOs and Senior Management for a conversation about mortgage industry business, policy,…

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Gov visit w border2

NYMBA meets with Governor Cuomo’s Staff on Manufactured Housing Title Conversion

October 25, 2019:  NYMBA, with other industry professionals, met with the Governor’s staff about the need for titling conversion in New York. Currently, manufactured housing is titled as personal property/chattel and there is no mechanism to convert title to real property. New York is the only state that does not allow for title conversion for manufactured housing. With over 190,000 manufactured housing units in New York State, primarily located in rural upstate, western New York, and areas of Long Island and Staten Island, manufactured housing remains a source of…

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