Category Archives: CORONAVIRUS

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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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)

Industry related Executive Orders issued by Governor Cuomo re: COVID-19

202.57 Moratorium on Commercial Tenant Evictions & Commercial foreclosures extended to September 20, 2020

Revised Procedure for Addressing Residential and Commercial
Eviction Proceedings

202.22  Real Property Tax Law related issues
202.18  Electronic meetings for non-profits; Condominiums in 1st year of operation; Extension of previous EOs to May 15, 2020
202.16  No Action/No Filing letters for affordable housing and homeless shelters
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
202.9  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)
MBA’s COVID-19 Resource Page

MBA’s COVID-19 Resources for Consumers