Advocacy News

IBA E-News 8-14-20 FEDERAL GOVERNMENT RELATIONS New GSE Fee on Refinances Criticized, Groups Call for Withdrawal On Wednesday night, Fannie Mae and Freddie Mac announced that they will impose an “adverse market refinance fee” of 50 basis points for no-cash-out and cash-out refinance mortgages with delivery dates on or after Sept. 1, 2020 (for Fannie Mae loans), or with settlement dates on or after Sept. 1 (for Freddie Mac loans). This fee – which would amount to an additional $1,400 for the typical consumer, based on the average GSE loan size – would either be paid upfront or be added to the mortgage...
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IBA COVID-19 Updates 8-11-20 COVID-19 UPDATES PPP Forgiveness Platform Now Live The Small Business Administration’s Paycheck Protection Program forgiveness platform is live and scheduled to begin accepting loan-forgiveness applications and decisions as of Monday, Aug. 10. An SBA user guide released last week provides details on the timeline, decision process, account management and more.   In a recent procedural notice, the SBA indicated all PPP lender authorizing officials in the CAFS/ETRAN system should have received a welcome email from PPPForgivenessRequests@SBA.gov with instructions. Officials who...
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IBA E-News 8-7-20 FEDERAL GOVERNMENT RELATIONS SBA Issues Loan-Forgiveness FAQs The Small Business Administration has released frequently asked questions on Paycheck Protection Program loan forgiveness. The FAQs address loan-forgiveness applications, payroll and nonpayroll costs, owner-employee compensation, reductions in the forgiveness amount, and more, including new guidance on issues such as covered utility payments and eligible electricity supply charges. The SBA indicated its new platform for submitting PPP loan-forgiveness applications and decisions to the agency will go live on Monday, Aug...
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IBA COVID-19 Updates 8-4-20 COVID-19 UPDATES Updates to Economic Injury Disaster Loan Liens Impact of SBA’s lien requirements on EIDL loans over $25,000 on a borrower’s ability to obtain other financing for business operations Loans issued under the Economic Injury Disaster Loan (EIDL) program over $25,000 require a blanket lien on the assets of the business. The lien is a Universal Commercial Code (UCC-1) lien allowing the Small Business Administration to take an interest in the assets of the business. SBA’s lien does not apply to real estate or titled vehicles. SBA has concluded that there is no...
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