Coronavirus Assistance and Resources
The Department recognizes that amid the COVID-19 pandemic there are a lot of changes and challenges facing licensees. We are working hard to provide as much information as possible. Here is some of the guidance provided by the Department as well as other links.
The Department is extending the March 5, 2020, Interim Guidance – Temporarily Working From Home – to July 10, 2020. This extension is in line with the Governor’s Safe Start plan and ongoing efforts to keep everyone safe while helping our economy keep working. The guidance applies to all licensed MLOs, whether located in Washington State or another state. Certain data security provisions outlined in the guidance must be met. The original and extended Guidance can be found on the Department’s Coronavirus webpage.
On March 20, the Department issued agency-wide guidance to entities engaged in servicing Washington consumers’ mortgages. The director urged these servicers to notify borrowers of the options the servicers have available for assistance during the pandemic. Suggested assistance options include notifying borrowers that for the next 90 days: mortgage payments are not required; late payment or online-payment fees will be waived; late payments to credit rating agencies will not be reported; and all foreclosure actions will be postponed. In addition, for borrowers who were already having trouble paying their mortgage, allowing an additional 90 days for these borrowers to complete trial modifications that were currently in progress was suggested.
The Department is working to provide flexibility for applicants and licensees. A 30-day extension is in place for the filing of certain reports. This applies to reports filed through NMLS, including the Money Services Business Call Report, the Mortgage Call Report, the Mortgage Call Report Financial Conditions, and Financial Statements. Additionally, the Department is allowing more time for applicants and licensees to submit items requested by the Department, provided the applicant or licensee remains in contact with the Department.
Keep reading this Spring Newsletter for additional articles on how the Department is assisting distressed homeowners and the impact the pandemic has on licensee exams.
Visit the following pages for other resources and assistance.
DFI Coronavirus Assistance and Resources
NMLS Coronavirus/COVID-19 Updates