Page 7 - Bulletin 05_14_20
P. 7


        received a loan number or response from the SBA may not deny   Fannie Mae and Freddie Mac both issued their own
        the application based on incompleteness.                communications highlighting the changes.
        To view the compliance aid visit: https://files.consumerfinance.  To read more visit:
        gov/f/documents/cfpb_ecoa-regulation-b_faqs-covid-19.pdf  Pages/FHFA-Extends-Loan-Processing-Flexibilities-for-Fannie-Mae-
        FHFA to Provide Additional Loan                         To view Fannie Mae Info, visit: https://singlefamily.fanniemae.
        Origination Flexibility                                 com/media/22316/display

        As part of its ongoing effort to provide                To view Freddie Mac info, visit:
        relief to mortgage borrowers during                     app/guide/bulletin/2020-14
        the coronavirus pandemic, the Federal
        Housing Finance Agency has announced                    Agencies Provide Relief for Banks
        that it would extend until at least June                Participating in New Liquidity
        30 several previously announced loan                    Facilities
        origination flexibilities for customers of
        Fannie Mae and Freddie Mac.                             To facilitate banks’ participation in the Paycheck Protection
        Specifically, FHFA said it would continue to offer alterative   Program Liquidity Facility and the Money Market Mutual Fund
        appraisals on purchase and rate term refinance loans, alternative   Liquidity Facility, the federal banking agencies have issued an
        methods for verifying employment before loan closing and   interim final rule that will allow institutions to neutralize the
        flexibility for borrowers to provide documentation instead of an   effects of their participation for purposes of the liquidity coverage
        inspection to allow renovation disbursements. FHFA also said   ratio.
        it would expand the use of power of attorney and remote online   Under the existing liquidity coverage ratio rule, banks are required
        notarizations to facilitate loan closings.              to hold a buffer of high-quality liquid assets to meet short-term


                                                                    NORTH DAKOTA’S


                                                                    Partner with us to restart North Dakota’s economy
                                                                    with COVID-19 relief loan options. Low interest loans
                                                                    are available for small and large businesses.

                                                                    Stay safe and healthy.


   2   3   4   5   6   7   8   9   10   11   12