We've hit a snag while working through all the mortgage applications generated by the Fed's rate drop.
The vendor we use to get VOE is giving us the following message more often than not:
AS PER AUTOMATED MESSAGE, COMPANY CLOSED UNTIL FURTHER NOTICE DUE TO THE CORONA VIRUS

Is it going to be an issue if we contact the borrower to try to get alternate contact information for the employer?
We're going to be putting a lot of weight on the answer to the continued employment question.

On another note, how are you handling actual closings while honoring social distancing?

Bottom line, how are you all proceeding with mortgages during quarantine?

I think we are all trying to figure it out as we go along. I am grateful that I am a portfolio lender and have some flexibility. Right now, settlement agents are doing closings but are limiting attendees. Realtors are welcome to Skype in. Recording is a bit wonky- it can only be e-recording and overnight mail so no money changes hands until all is of record. Unfortunately, the other day I approved a loan to find out that the borrower was just laid off. My challenge right now is appraisals. The appraisers don't want to do inside inspections.

If you are a portfolio lender and the loan is not a HPML there is no requirement for an interior inspection that I am aware of. So if this is an in-house requirement you might consider suspending that requirement for 60-90 days.

FHMA issued guidance today. You can access it here.

Pretty big changes that can affect a good amount of the mortgage world. Thanks for sharing Truffle

Have any of you seen anything from prudential regulators addressing problems obtaining verification of employment or getting safe interior access for HPML appraisals? So far, all I have seen are the FHFA announcement relaxing the requirements for Fannie and Freddie loan purchases, and the respective announcements from Fannie and Freddie.

No, I haven't as far as interior access for appraisals. My loans are all HPML. I reached out to our compliance consultant for some guidance. He suggested reaching out to the regulators or determining if its a risk based business decision to forgo in home appraisals with appropriate parameters attached. That is what I am working on now.

We have to follow FNMA which basically says, "we still want the traditional in & out appraisal". If you can't get it, then you go to the next choice on the grid for the type of loan you're doing. I've got lenders who think that means they can pick what they want to do but that's just not the case.
imho, tho, the bigger problem is getting the VOE for borrowers in a state that just want on one month of lockdown. We even called FNMA and were told that using temporary leave calculations was a no go.
I'm not sure how we're supposed to keep lending to keep the economy going in these circumstances.