Delinquencies in commercial MBS loans are likely to jump due to the economic impact arising from the COVID-19 outbreak, with hotels and malls likely to be the early casualties.
Additional community development activities (loans, investments or services that support digital access, health care, small business operations and food supplies) will receive consideration for CRA credit during the pandemic.
The loanDepot CEO said “almost all” of the lender/servicer’s 6,700 workers are healthy and working from home.” He noted: “This week we experienced one of our highest levels of new originations and fundings in our company’s 10 year history”…
The CFPB has eased reporting of quarterly HMDA data. Nevertheless, the bureau is continuing with its supervisory activities and other essential functions.
Industry stakeholders have 30 more days to submit their feedback on a proposed rule that would require debt collectors to make certain disclosures under the Fair Debt Collection Practices Act.
Federal agencies will give “favorable consideration” under the Community Reinvestment Act to banks that help low- and moderate-income borrowers offset the economic impact of the coronavirus.