As Americans are encouraged or directed to stay in their homes
due to the COVID-19 pandemic, and as economic dislocation and
disruption spreads, federal and state governmental attention has
increasingly focused on the mortgage servicing industry. Mortgage
servicers should take special care to comply with legal
requirements and regulatory directives during this time, and should
consult with regulatory agency contacts and legal counsel as
appropriate.
Federal Foreclosure and Eviction Moratoriums and Other
Actions
On March 18, 2020, U.S. Department of Housing and Urban
Development ("HUD") Secretary Ben Carson authorized the Federal Housing Administration
("FHA") to implement an immediate foreclosure and
eviction moratorium for single family homeowners with FHA-insured
mortgages for the next 60 days. The guidance issued applies to
homeowners with FHA-insured Title II Single Family forward and Home
Equity Conversion (reverse) mortgages, and directs mortgage
servicers
