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Massachusetts introduces bill to halt evictions and foreclosures
On March 16, the Massachusetts legislature introduced a bill that would place a moratorium on evictions and foreclosures as long as the governor’s emergency declaration for the Covid-19 outbreak is active.
Minnesota bill to address negative credit reports and student loans
On February 19, the Minnesota House Health and Human Services Finance and Policy Committee introduced a bill that would require the Commissioner of Commerce to negotiate with credit reporting bureaus to waive negative credit reports, and to negotiate a federal waiver for federally guaranteed student loans for persons under isolation or quarantine.
On March 9, the Minnesota Senate Health and Human Services Finance and Policy Committee introduced a bill that would accomplish the same objectives.
AARMR urges waiving of certain fees and charges
On March 17, the American Association of Residential Mortgage Regulators (AARMR) issued a statement encouraging mortgage lenders and servicers to take steps to “mitigate the impact to consumers of actions taken in response to Covid-19.” For lenders, the AARMR suggests steps such as waiving rate lock extension fees if an application is delayed for reasons beyond an applicant’s control, or refraining from closing an application due to incompleteness if an applicant is having difficulty gathering required documents. For servicers, the AARMR suggested waiving certain late charges (if permitted), offering forbearance plans or other deferment options, and generally ensuring that all staff are aware of available options and are proactive in assisting borrowers with potential delinquent payments. The AARMR also encourages member agencies to consider the impact of Covid-19 in their dealings with brokers, lenders, servicers, and MLOs.
New Hampshire Governor temporarily prohibits foreclosures
On March 17, New Hampshire Governor Christopher Sununu issued Emergency Order #4, which temporarily prohibits judicial and non-judicial foreclosures while the state of emergency related to the Covid-19 outbreak is active.
North Carolina court office postpones foreclosures and other civil proceedings
On March 15, the North Carolina Administrative Office of the Courts and Chief Justice Beasley issued a memorandum implementing a 30-day postponement (until April 14) on foreclosures and other civil proceedings, subject to limited exceptions.
Indiana governor calls for moratorium on residential foreclosures and evictions
On March 19, Indiana Governor Eric Holcomb issued an executive order calling for a moratorium on evictions and foreclosures of residential real estate. While the action does not absolve individuals of their obligations to pay their rent or mortgage, it does halt foreclosure and eviction proceedings until the state of emergency is lifted. The order also suspends any other statutes or rules connected to foreclosure and eviction proceedings.
Texas DMV issues waivers for titles
On March 16, the Texas Department of Motor Vehicles (DMV) issued a waiver of the time in which individuals must apply for title, and a waiver of the associated delinquent transfer penalty. The waiver is effective immediately and applies to any title application submitted between March 16 and 60 days after the DMV notifies the public that normal titling services have resumed.
Prometric closes testing centers
On March 17, Prometric announced that, effective March 18, Prometric Test Centers in the U.S. and Canada will be closed for 30 days. This directly impacts state MLO license applicants as the SAFE MLO test, which individuals must pass to obtain an MLO license, is administered by Prometric.
Two New Jersey counties suspend foreclosure sales and evictions
On March 16, the Sherriff’s Office of Passaic County in New Jersey issued an action suspending foreclosure sales and evictions enforcement during the Covid-19 state of emergency. On the same day, the Sherriff’s Office of Essex County Jersey issued a similar action suspending foreclosure sales and eviction enforcement actions indefinitely.
HUD implements foreclosure and eviction moratorium
On March 18, HUD announced that it would implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days and issued Mortgagee Letter 2020-04. The guidance applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) Mortgages, and directs mortgage servicers to: (i) halt all new foreclosure actions and suspend all foreclosure actions currently in process; and (ii) cease all evictions of persons from FHA-insured single-family properties.