COVID-19 Resources for Title ClosingsMitch Sullivan2020-05-27T22:20:23+00:00
There’s a lot of change occurring in the Title Industry and many of you don’t have the capacity or the bandwidth to check industry news on a daily/weekly basis. So, we’ve done it for you. While ironically you would need to check this page as frequently as industry news outlets – being our customers, you may already be on the SnapClose website and just a short click away.
House Majority Leader Steny Hoyer said the House and Senate should be able to quickly agree on changes to the Small Business Administration’s popular Paycheck Protection Program to give loan recipients more flexibility in using funds.
Title insurance professionals take pride in protecting their customers by ensuring that their home is theirs when they make one of the biggest financial decisions of their lives. In the midst of the COVID-19 pandemic, the title insurance industry has stepped up even more to help their communities.
As the economy starts to reopen, the Centers for Disease Control and Prevention said employers should plan to respond in a flexible way to varying levels of disease transmission and be prepared to refine their business response plans as needed.
Businesses are strongly encouraged to coordinate with state and local health officials so timely and accurate information can guide appropriate responses. Local conditions will influence the decisions that public health officials make regarding community-level strategies.
The Consumer Financial Protection Bureau (CFPB) on April 29 took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic.
The webinar will address topics such as demand for digital closings, 2020 mortgage market outlook, GSE conservatorship, and the importance of protecting property rights. To register, please visit the attachment.
The second round of stimulus provides the Small Business Administration to authorize another $310 billion in forgivable loans to small businesses through the Paycheck Protection Program (PPP) to pay their employees during the COVID-19 crisis. All loan terms are the same for everyone. For more information, please click on the attached link.
In response to the health crisis, the Federal Housing Administration (FHA) released an updated FHA Single Family Housing COVID-19 Q&A. The revised document addresses the acceptance of title policies with gap insurance, and the use of remote online notarization and powers of attorney.
In response to the COVID-19 national emergency, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas to support mortgage originations, appraisals, and quality control (QC). These FAQs provide additional information on the temporary policies. We will be adding more FAQs, therefore we encourage you to check in frequently for updates – refer to the “NEW” or “UPDATED” notations after the question.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated almost $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.