Inconsistent guidance regarding credit reporting during the pandemic may lead to heightened compliance risks for mortgage servicers.

The FHFA has adopted bank-like capital standards for Fannie and Freddie, but the result won’t be bank-like returns on equity, making a public stock offering for the two entities more difficult.

Mortgage servicers and credit unions are worried that if a new California forbearance bill becomes law their bottom lines will be significantly impacted. The bill would greatly extend the forbearance period.

The Consumer Financial Protection Bureau issued a no-action letter template for mortgage servicers to use when digitizing their loss-mitigation process.

With combined assets worth about $6.1 trillion, Fannie Mae and Freddie Mac will need to set aside roughly $250 billion in leveraged capital in order to comply with the new rule.

Pushing back on the criticism, FHFA Director Mark Calabria said servicers appear able to withstand a substantially deeper economic downturn.

The OCC finalized the Community Reinvestment Act regulation only 41 days after the comment period closed in mid-April.

The adoption of CECL left Fannie with a loss of $1.1 billion at the beginning of 2020; but it only cost Freddie $240 million.

Consumer criticisms regarding mortgages topped the list of coronavirus-related complaints filed with the CFPB in April.