Members of NAFCU’s Regulatory Affairs team Friday shared credit union concerns and issues related to mortgage forbearances with the Federal Housing Finance Agency (FHFA), and asked for additional guidance on some provisions of the CARES Act. Under the CARES Act, borrowers experiencing financial hardship during the coronavirus crisis may request forbearance on single-family and multifamily loans sold to the GSEs, and in response mortgage servicers must provide a forbearance that allows borrowers to defer their mortgage payments up to 180 days with an option for an additional 180-day extension. However, the CARES act does not provide relief for mortgage servicers, such as credit unions.
More Stories
Auto Loan Fraud Losses Have Tripled, But the Number of Fraud Cases Is Falling
A Different Kind of Money Laundry
Federal Banking Agencies Issue New Guidance on Immigration-Related Credit Risk
18 Year Old Fraud Auto Loan “Credit Mule” Busted on Video
Lenders Continue Paying Millions to Settle TCPA Lawsuits as Decades-Old Telephone Law Collides with Modern Collections
Happy Birthday CUCollector! Seventeen Years… Where Did the Time Go?