NAR.REALTOR | March 20, 2020
The following resources provide property owners with assistance during the COVID-19 crisis.
American Land Title Association (ALTA) has provided the following resources:
- County Record Office Closures(link is external): Real-time database of offices that are closing or reducing operations as a result of the coronavirus. Click on the link under County Office Closures.
- Title, Settlement Companies Develop Safe Closing Protocols(link is external)
- Visitor Health Screening Questionnaires: The NNA has developed health screening forms for the signing agent and borrower in order to protect all parties during a closing.
- Disaster Recovery and Business Continuity Plan(link is external): Having a business continuity plan is essential to keeping an operation going following any type of disaster or crisis.
- Common Issues Your Business May Encounter(link is external)
- Keep Your Workplace Safe(link is external)
- Keep Commercial Establishments Safe(link is external)
Bank Regulators have also instructed banks and servicers to be proactive in extending help to homeowners:
- Federal Deposit Insurance Corporation (FDIC)(link is external)
- Office of the Comptroller of the Currency (OCC)(link is external)
- Board of Governor of the Federal Reserve System (Fed)(link is external)
Banks have posted their own policies and ways for consumers to contact them for assistance:
- Bank of America(link is external)
- Capital One(link is external)
- Chase(link is external)
- Truist(link is external)
- U.S. Bank(link is external)
- Wells Fargo(link is external)
Servicers (those who collect the payments for investors/banks and interact with consumers) are providing information for how homebuyers can reach out for assistance:
Mortgage Insurers are also providing information on how servicers can help consumers:
Consumer Financial Protection Bureau (CFPB)
Protect Your Credit: The CFPB is urging consumers to protect their credit(link is external) during this pandemic.
Protect Yourself Financially: The CFPB has a number of resources(link is external) focused on financial protection, both short and long term, such as paying bills, income loss, and scam targeting. Resources include contacts for housing and credit counselors, debt collectors, and state unemployment services.
- CFPB Director Kraninger Statement on Joint HUD-FHFA Announcement on Foreclosure and Eviction Moratorium(link is external)
Department of Labor (DOL)
DOL has provided resources for employers and workers(link is external) in responding to COVID-19 and including the impact on wages and hours worked and protected leave (these resources are primarily for businesses and employers).
Environmental Protection Agency (EPA)
Americans can continue to use and drink water from their tap as usual. EPA has provided important information about COVID-19(link is external) as it relates to drinking water and wastewater to provide clarity to the public. The COVID-19 virus has not been detected in drinking-water supplies. Based on current evidence, the risk to water supplies is low.
Federal Housing Administration (FHA)
Immediate Foreclosure and Evictions Relief for Homeowners for the Next 60 Days
The U.S. Department of Housing and Urban Development (HUD) has authorized the FHA to implement an immediate foreclosure and eviction moratorium(link is external) for single family homeowners with FHA-insured mortgages for the next 60 days. Read the full press release(link is external).
FHA Q&A Form
FHA continues to run single family business operations. FHA has created a Q&A form available on their website to keep interested parties updated on their procedures during the COVID-19 crisis. Please refer to https://www.hud.gov/program_offices/housing/sfh(link is external) for the most current information.