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The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Administration (FHFA) each issued new mortgage settlement rules in late June that instituted rules to help homeowners who are still struggling to pay their mortgage loans because of COVID-19.
The rule of the CFPB was: issued as an amendment to the Truth in Lending Act and Real Estate Settlement Procedures Act, a rule that protects homeowners and borrowers from predatory lending practices. That rule will come into effect on August 31, 2021.
FANNIE MAE EXECUTIVE: TOP 3 REASONS WHY HOMEOWNERS SHOULD REFINANCE YOUR MORTGAGE
Just one day after that amendment was enacted, the FHFA announced it would ban federally-backed mortgage companies Fannie Mae and Freddie Mac from filing most first-time foreclosure applications until the CFPB’s rule goes into effect.
If you’re struggling to make your mortgage payments, refinancing can also be a good option, which can help you get a lower interest rate and lower your monthly payments. Visit Credible to see your personalized rate from multiple lenders at the same time.
IF FHFA EXTENDS THE MORATORIUM FOR LATEST TIME, THIS IS WHAT STRONG HOMEOWNERS CAN DO
What does the new CFPB rule do?
As a result of the new CFPB rule, the early intervention and loss mitigation requirements for mortgage servicers are changing. Simply put, the rule provides safeguards to help borrowers at risk of losing their homes due to the coronavirus pandemic, and helps them move to a loss-limiting agreement or repayment plan that’s right for them.
Under the new rule, mortgage servicers are not allowed to offer a loan adjustment plan that would increase the monthly payment for a homeowner coming out of their grace program, and the loan term cannot be extended beyond 480 months. The rule also allows mortgage lenders to address missed payments until the end of the home loan to prevent homeowners from falling behind.
If you’ve missed mortgage payments due to COVID-19-related hardships, you may still qualify for a mortgage refinance. Visit Credible to view multiple lenders and get prequalified without affecting your credit score.
“The way servicers have handled loss mitigation in the past, including resource allocation and communication methods used, may not be as effective in these unprecedented circumstances,” the CFPB said:.
If you struggle to make mortgage payments after the end of your loan grace period, you may not have to pay fees, penalties, or even bankruptcy. Visit Credible to view available refinancing options. As home prices rise, more homeowners can take advantage of refinancing their mortgage and lowering their monthly payment.
HOMEOWNERS PREVIOUSLY IN COVID MORTGAGE CARE CAN BE ELIGIBLE FOR LOW INCOME REFINANCE – HERE’S HOW
FHFA Restrictions – Here’s What They Mean
Because the final regulations of the CFPB will not come into effect until the end of August, the FHFA has issued its own regulation in the interim. They prevent some lenders from starting the foreclosure process or having a foreclosure sale before the new rule goes into effect.
The FHFA has announced that administrators will not be able to provide initial notification of a foreclosure on mortgages backed by Fannie Mae and Freddie Mac. This rule does not apply to abandoned properties or properties that have filed for foreclosure before March 2020. After the execution moratorium expires on July 31, 2021, the GSEs will in principle have to follow the new CFPB rule one month before it comes into effect due to the FHFA rule.
“The COVID-19 pandemic has presented many financial challenges for families,” FHFA Acting Director Sandra Thompson said:. “Many of these families were forced to rely on COVID-19 forbearance through no fault of their own to stay home safely during the pandemic. Today, many families’ finances are improving, enabling them to move out of forbearance. The protections that FHFA is putting in place today will protect vulnerable families as they begin their financial recovery from the impact of the COVID-19 pandemic.”
THIS IS WHY YOU SHOULD (OR NOT) REFINANCE YOUR MORTGAGE
While the Biden administration actively creates policies that say it helps homeowners, these solutions aren’t permanent. Borrowers will still need to take action to make their mortgage payments after their grace options have expired. You can work to get your home loan back on track by adjusting a loan, paying back missed payments, or even refinancing. Contact Credible to see your options and speak to a mortgage expert who can answer all of your questions.
Do you have a financial question, but you don’t know who to ask it? Email The Credible Money Expert at: [email protected] and your question can be answered by Credible in our Money Expert column.
The post Here’s what the Biden Administration’s new mortgage settlement rules mean for you: appeared first on Notesradar.
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