MReport June 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 57 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST GOVERNMENT Government Agencies Come Together to Help Homeowners HUD, FHFA, and the CFPB launch website to assist homeowners impacted by COVID-19. T he Consumer Finan- cial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) launched a new mortgage and housing assistance website. The website was developed to ensure homeowners and renters have the most up-to-date hous- ing assistance information during COVID-19. The agencies are offering exten- sive CARES Act assistance and protection for Americans having trouble paying their mortgage or rent during the pandemic. This website consolidates the CARES Act mortgage relief, pro- tections for renters, resources for additional help, and information on how to avoid COVID-19 re- lated scams. It also provides tools for homeowners to determine if their mortgage is federally backed and for renters to find out if their rental unit is financed by FHA, Fannie Mae, or Freddie Mac. "During these uncertain times, consumers need reliable, fair, and accurate information on the protections and relief options available to them. This joint website achieves this important goal for homeowners and renters, outlining clearly the changes that policymakers are making to assist them," CFPB Director Kathleen L. Kraninger said. "The Bureau will continue to do everything we can to protect the economic security of consumers." HUD Secretary Dr. Benjamin Carson said, "the invisible" has many Americans concerned about how they are going to stay safe and meet the financial obligations. "No one should lose their home because of coronavirus, and this new website is full of resources to help property owners and renters navigate these unprecedented times. HUD is continuing to monitor the needs of our FHA borrowers and HUD-assisted families, and we are prepared to take additional actions as needed," Carson said. "Protecting and empower- ing borrowers and renters while ensuring the mortgage mar- ket functions as efficiently as possible has been a priority for FHFA during the national health emergency," FHFA Director Mark Calabria said. "This joint website is a one-stop shop for informa- tion about the housing protections and assistance available from the government during this unprec- edented crisis." FHA Commissioner Brian Montgomery said this interagency team began working at the "im- mediate onset" of the COVID-19 outbreak to address the nation's housing challenges. "This new resource was part of that effort, and will provide immeasurable value to the nation's homeowners and renters during this critical time," Commissioner Montgomery said. "For those in FHA-insured homes or multifam- ily rental properties, we are here to tell you that help is available for those that need it. We're using every available method, like this new website, to get the message out."

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