Washington Mortgage Bankers Association Members and Friends,
It is important now more than ever for our organization to be on the front lines with what is happening in our state and around our country.
We received advance notice today from DFI Agency Director Charlie Clark and summarized by Jessica Fortescue regarding an announcement that will be released by DFI later this afternoon.
Charles E. Clark,
DFI Agency Director
Charlie wanted to give us a heads up that DFI will be issuing a guidance today for servicers. On loans outside of GSEs, DFI will be urging servicers to provide relief to homeowners that is similar to the current GSE guidance. They will recommend waiving late fees, not sending consumer info to credit bureaus if loss of income, and no foreclosures for 90 days. NY issued guidance yesterday, and DFI will be similar to this. They wanted us to be aware that the guidance is urging certain behavior, but is NOT mandatory (NY guidance was misreported, so he wanted to make sure we understood this distinction).
You should receive this notice directly from DFI some time this afternoon.