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  • SBA creates website for federal disaster loans

    Federal Issues

    On March 20, the Small Business Administration created a new website for businesses, private nonprofits, homeowners, and renters to apply for disaster loans in connection with Covid-19. The website identifies eligible disaster areas and provides links to apply online and check application status.

    Federal Issues Covid-19 SBA

  • Texas regulator issues MLO work from home guidance

    State Issues

    On March 20, the Texas Department of Savings and Mortgage Lending issued a notice temporarily suspending any requirement that a physical office be open to the public during posted normal business hours. In addition, the notice provided that licensed MLOs may work from home or another remote location, whether located in Texas or another state, even if the home or remote location is not a licensed branch. However, MLOs are still subject to certain data security requirements and are prohibited from permitting consumers into the MLO’s home.

    State Issues Covid-19 Texas Mortgages MLO

  • Illinois Governor issues “stay at home” order

    State Issues

    On March 20, Illinois Governor Pritzker issued a statewide “stay at home” order, to take effect as of 5pm on March 21. Financial institutions are considered “essential businesses” and are exempt from the order.

    State Issues Covid-19 Illinois

  • Indiana regulator issues branch closure and MLO work location guidance

    State Issues

    On March 20, the Indiana Department of Financial Institutions confirmed that because it does not require licenses for mortgage branch locations or require a licensee to work from a specific branch, there are no restrictions on an individual mortgage loan originator (MLO) from working from a home office.

    State Issues Covid-19 Indiana MLO Mortgages

  • Montana urges credit unions to work with affected members

    State Issues

    On March 20, the Montana Division of Banking and Financial Services issued guidance urging credit unions to work with members and communities affected by Covid-19. Efforts include, among other things, waiving fees, increasing ATM cash withdrawal limits, easing restrictions on cashing checks, easing credit terms for new loans, offering or expanding payday alternative loan programs, increasing credit card limits, and offering payment accommodations to assist members having payment difficulty. The guidance also noted: (i) that “prudent efforts” to modify loan terms would not be subject to examiner criticism, as long as the efforts are documented; (ii) that the Division would work with credit unions to reduce burden when scheduling examinations and inspections, and utilize off-site reviews; (iii) that credit unions should inform the Division of branch or office closures; and (iv) that attendance via electronic communications would constitute in-person attendance at board, committee, and annual meetings.

    State Issues Covid-19 Montana Credit Union

  • Washington DFI promotes mortgage borrower assistance

    State Issues

    On March 20, the Washington Department of Financial Institutions (DFI) issued guidance urging mortgage servicers to work with mortgage borrowers who are being impacted by Covid-19. The DFI suggests a number of ways in which servicers can help including, among other things, (i) mortgage payment forbearance; (ii) not reporting late payments to credit rating agencies; (iii) an additional 90-day grace period to complete trial loan modifications; (iv) waiving late payment fees; (v) suspending foreclosures for 90 days; and (vi) proactively communicating with borrowers regarding available assistance options. The DFI also provides additional Covid-19 resources on its website here.

    State Issues Washington Mortgages Covid-19 Mortgage Servicing

  • Texas regulator issues MLO work location guidance

    State Issues

    On March 20, the Texas Department of Savings and Mortgage Lending issued a statement temporarily suspending any requirement that a physical office of a licensed mortgage entity be open to the public during posted normal business hours. Additionally, licensed MLOs may work from home or another remote location, as long as (i) strict security of information is maintained; (ii) all physical business records are kept at a licensed office; and (iii) consumers are not allowed to go to the MLO’s home.

    State Issues Texas Mortgages Loan Origination Licensing Covid-19

  • Fed announces international coordinated liquidity international action

    Federal Issues

    On March 20, the Federal Reserve Board announced a coordinated action with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank “to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements” To achieve this, the central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily starting March 23 and continuing through April. The central banks also will continue to hold weekly 84-day maturity operations.

    Federal Issues Federal Reserve Covid-19

  • California Dept. of Real Estate issues Covid-19 licensing FAQs

    State Issues

    On March 20, the California Department of Real Estate issued Covid-19 FAQs for licensing and business practices. The FAQs confirm that DRE has cancelled all salesperson and broker license exams through April 30. However, DRE will not extend expiration dates or deadlines for licensees, or waiving fees for late submissions. The FAQs also address the process for rescheduling exams and license renewals. The FAQs note that while the DRE’s offices are closed until further notice, the DRE is still operational by phone, eLicensing, and mail, and indicates further questions and responses regarding business practices will be provided in the future.

    State Issues California Covid-19 Licensing

  • Arkansas Securities Dept. issues Covid-19 corporate finance filings guidance

    State Issues

    On March 20, the Arkansas Securities Department issued guidance for corporate finance filings in light of Covid-19. The guidance provides specific directions on making electronic filings. This interim guidance is in effect from March 23, 2020 through April 16, 2020 but is subject to change or withdrawal.

    State Issues Arkansas Securities Covid-19

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