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Presentation to the Senate Financial Institutions, Economic Development, and Trade Committee — Cindy Fazio

Summary

Presentation by Cindy Fazio, Director of Consumer Services at the Washington Department of Financial Institutions, to the Senate Financial Institutions, Economic Development, and Trade Committee on May 28, 2020. It lists guidance issued on March 5, 2020 to mortgage loan originators to support social distancing, effective through June 5, 2020 and extended on May 7, 2020 to July 10, 2020. A March 20, 2020 item covers guidance to servicers of primary residential mortgages: forbearing payments for 90 days, no reporting to credit rating agencies for 90 days, and waiving fees. A March 27, 2020 item, marked Enacted, provides forbearances for Freddie and Fannie guaranteed residential mortgages, with an initial forbearance period that may be as long as 180 days.

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“Presentation to the Senate Financial Institutions, Economic Development, and Trade Committee — Cindy Fazio.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-05-28-a26875-d221219-wa-dfi-covid-19-mortage-crisis-9518eddb01/, SHA-256 085c00195f6abfccabc0e4b280c2d5916e1d006e99205560a0b04d9857e2be20.

Full text

 Presentation to the Senate Financial Institutions,
 Economic Development, and Trade Committee

                    May 28, 2020

       Cindy Fazio, Director of Consumer Services
Washington Department of Financial Institutions
• March 5, 2020: DFI issues guidance to mortgage loan
  originators to support social distancing, effective through June
  5, 2020.

• Originators may work from home even if the home is not a
  licensed branch office of the sponsoring company.

• The sponsoring company must put in place certain data
  security safeguards.

• May 7, 2020: Guidance extended to July 10, 2020.
                                                                     2
March 20, 2020: DFI issues guidance to servicers of primary
residential mortgages to alleviate pandemic impact.

• Forbearing payments for 90 days

• No reporting to credit rating agencies for 90 days

• Waiving fees

                                                              3
• March 27, 2020 – Enacted

• Provides forbearances for Freddie and Fannie guaranteed
  residential mortgages.

• Initial forbearance period may be as long as 180 days.
  Another consecutive 180 period may be provided if needed.

                                                              4

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