April 22, 2020

Ashcroft Discusses E-Notary Services In Latest MBA Podcast Episode

In the latest episode of Our Two Cents with MBA, Missouri Secretary of State Jay Ashcroft and Director of Business Services Scott Clark focused on the executive order authorizing e-notary services in Missouri throughout the course of the coronavirus crisis. They discuss the need for the service, the vendor selection process (as well as the potential for additional vendors) and the process for current notaries to become e-notaries.

Our Two Cents with MBA podcast is available on MBA's websiteiTunesApple PodcastsGoogle Podcasts and Spotify.

ABA Urges House Leaders To Approve Additional Paycheck Protection Program Funding

The American Bankers Association today urged House leaders to swiftly approve a legislative package that would provide an additional $320 billion in funding for the Small Business Administration’s Paycheck Protection Program. The Senate unanimously approved the bill yesterday, and the House is expected to consider the legislation tomorrow morning.
ABA noted the PPP has been a “financial lifeline” to small businesses nationwide, but many were still awaiting assistance when the initial round of funding ran out April 16. These additional funds “will allow America’s banks to continue to stand by their small business customers and do everything they can to deliver this relief quickly and efficiently, thereby saving jobs and limiting the economic damage from the pandemic,” ABA said. “America’s small businesses are counting on us to come through for them, and America’s banks are eager to fulfill the demand for PPP loans to the extent possible.”

How Can MBA Help Protect Your Employees and Customers?

Banks have never stopped working during this crisis. However, as our country considers how to go “back to work,” we know you have questions about how to best proceed for your employees and customers. What do you need to know as you prepare to resume normal operations? Send your questions to MBA, and we will do our best to provide resources to assist you.

FHFA To Purchase Qualified Loans In Forbearance

In a significant move today, the Federal Housing Finance Agency announced it will purchase qualified single-family mortgages in forbearance to support mortgage markets during the coronavirus pandemic.

Generally, loans in forbearance or delinquency may not be sold Fannie Mae or Freddie Mac. However, FHFA said it would ease this restriction “for a limited period of time and only for mortgage meeting certain eligibility criteria.” FHFA also noted that loans in forbearance that are sold to Fannie Mae and Freddie Mac will “be priced to mitigate the heightened risk of loss to the enterprises.”

According to the guidelines issued by the GSEs, Fannie and Freddie will impose a loan-level pricing adjustment of 500 basis points for first-time buyers and 700 basis points for all others. In addition, borrowers cannot be behind by more than one payment, and the transaction must involve either a purchase transaction or a no-cash-out refinance.

ABA Webinar To Focus On COVID-19 Forbearance Challenges

With many mortgage borrowers seeking forbearance options for their loans during the coronavirus pandemic, and with recent legislation making this relief mandatory on most loans, ABA will host a free webinar at noon Friday, April 24, to review applicable legal and regulatory requirements and other challenges and considerations for banks.
The webinar will cover the following. 
  • the implications of the CARES Act forbearance provisions
  • the latest guidance from the CFPB, GSEs and other agencies
  • the interplay between CARES Act forbearance requests and the CFPB’s loss mitigation servicing rules
  • CARES Act forbearance requests for borrowers in foreclosure and bankruptcy
  • considerations for portfolio loans not subject to the CARES Act
  • challenges facing borrowers nearing the end of their forbearance period

MBA Resources

woman ipad earbuds

Listen To MBA's New Podcast

Have you listened to Our Two Cents with MBA podcast ? It's available on iTunes, Google Podcasts and Spotify. Give it a try, and let us know what you think.

apply now

Career Opportunities

opportunities for cashier, commercial loan officer, community bank president, customer service representative, loan officer/branch manager

butterfly MBA 2020 calendar

Win $100 For Best Photo

Submit your photos for a chance to be featured in MBA's 2021 Scenes of Missouri calendar . "Best of Show" photo will win $100!