Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

Amid record-high origination volumes, mortgage fraud risk is down

CoreLogic's recently released Mortgage Fraud Report is the industry standard for nationwide fraud monitoring and analysis. Read the findings here.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

Politics & MoneyCoronavirus

Regulators urge banks to give coronavirus sufferers a break

“Prudent efforts” won’t be criticized by bank examiners, the Fed and FDIC promise

Federal regulators urged banks such as Wells Fargo and JPMorgan Chase to work “constructively” with borrowers affected by the coronavirus outbreak, promising the companies wouldn’t get dinged by examiners as long as the measures show good judgment.

The joint statement was issued on Monday by the Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the National Credit Union Administration, the Conference of State Bank Supervisors and the Consumer Financial Protection Bureau.

“Regulators note that financial institutions should work constructively with borrowers and other customers in affected communities,” the statement said. “Prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism.”

That could mean some form of forbearance, meaning the banks would give borrowers extra time to pay their mortgages. Other measures banks might take are: Raising credit lines, waiving fees for early withdrawals from certificates of deposit, and refunding late payment charges.

More than 750 people in the U.S. have been confirmed to have the virus that causes COVID-19, and 26 have died. The number of people infected may be much higher, as the U.S. has lagged other countries in making testing kits available.

Health officials are asking anyone who has come in direct contact with a person infected with the coronavirus to “self-quarantine” for 14 days, meaning they voluntarily stay at home. That often means they can’t earn a paycheck.

“The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance,” the joint statement said.

The regulators also promised to reschedule examinations and take other measures to help banks deal with staffing shortages that might result from the spread of the virus.

“The agencies understand that many financial institutions may face current staffing and other challenges,” the statement said. “In cases in which operational challenges persist, regulators will expedite, as appropriate, any request to provide more convenient availability of services in affected communities. The regulators also will work with affected financial institutions in scheduling examinations or inspections to minimize disruption and burden.”

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

2020 ends with 3.4 million loans in delinquency

The final delinquency tally for December is in, with data revealing that by end of 2020, 1.54 million more mortgages were reported delinquent.

Jan 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please