Covid-Short-Banner

Washington REALTORS® Coronavirus (Covid-19) Resource Center


ANNOUNCEMENTS




Latest NAR Efforts to Support REALTORS, Homeowners and Renters

In the last two weeks NAR has been communicating regularly with the staffs at the CFPB, HUD, FHFA, White House, as well as Fannie Mae and Freddie Mac and of course with Congress sharing REALTORS' concerns about the market and how deals are being impacted.

In the last two weeks NAR has been communicating regularly with the staffs at the CFPB, HUD, FHFA, White House, as well as Fannie Mae and Freddie Mac and of course with Congress sharing REALTORS' concerns about the market and how deals are being impacted. From NAR Senior Policy Representative Ken Fears, here are a few items that NAR is working on:

  • NAR is working with the appraisal community to find a solution to appraiser shortages Fannie Mae and Freddie Mac are considering allowing more auto-appraisals than normal to address the appraisal issues. This will not be a solution in every community, but it may help to clear the extra refinance volume so that lenders can focus on purchases and rates can ease.

  • The CFPB and others have been made aware of the impact of shuttering local government offices.

  • The Federal reserve has actively intervened in the mortgage market to buy mortgages directly and drive rates down. This began yesterday and rates eased by late afternoon.

  • NAR is working to expand remote notarization so that more work can be done without interaction

  • NAR has recommended that regulators suspend certain regulatory actions for the time being to focus on response to COVID-19

  • Consumer confidence and employment are key to the recovery. NAR continues to advocate for a fast and robust economic stimulus and to share information with the market, consumers, and administration.

Supporting homeowners and renters during this crisis will be critical to limit the negative impact on them and the economy.

The Fannie Mae and Freddie Mac (e.g. the GSEs), FHA, VA, Rural and RHS are all providing 60-day forbearance to those who request it from their servicer. The same entities have imposed a moratorium on foreclosures and evictions for the next 60 days. The GSEs have also waived fees and will add the missed payments onto the end of the loan.

Some large banks have discussed forbearance as well; if you or your client's loan is backed by a private bank, you should reach out to them or your servicer.

You are not allowed to post comments.


DAILY UPDATES



Daily Updates are being sent to all WR Members (unless you've opted out). If you're not receiving these updates but would like to, please email cara.mcneil@warealtor.org