This morning, the DC Council unanimously voted to pass amendments to the COVID emergency response legislation to require more transparency in the mortgagee and renter relief process. This means that, if a mortgagee secures payment deferrals, they must then notify their tenants of the arrangement.
Here is how transparency will be added to the other provisions of the COVID-19 Response Supplemental Emergency Amendment Act:
- The previous bill required that mortgage loan servicers create a system for mortgagees to apply for and secure deferred payments; the amendments clarify that this applies to anyone that provides a mortgage loan, except for Fannie Mae, Ginnie Mae, or Freddie Mac (which are covered by federal mandate). Any deferment arrangements must then be reported to the Department of Insurance, Securities, and Banking to be added to a publicly-available list. Any mortgage lender that does not make deferment options available will be penalized.
- Arrangements can be made so that qualified tenants who then secure rent relief can repay the cumulative amount of that relief either once the lease ends, or within 18 months, whichever comes first. Any rent relief granted would be proportionate to the reduced mortgage payments, and also prevents late fees or similar penalties.
“At these uncertain times, it is important to provide all the relief that we responsibly can for District residents. I am proud to have led in drafting this amendment that should improve implementation of mortgage relief and add important transparency provisions to protect tenants," Councilmember Kenyan McDuffie, who introduced the amendments, said in a statement.
This article originally published at http://dc.urbanturf.com/articles/blog/dc-covid-relief-bill-amended-to-require-relief-notice/16747
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