VA issued Circular 26-17-39 (Circular), introducing a new Disaster Loan Modification option. VA introduced the Disaster Loan Modification (DLM) program in 2016, allowing servicers to extend permanent payment relief to borrowers impacted by a federally-declared disaster. The DLM program requires borrowers to complete a 3-month trial payment plan prior to receiving permanent payment relief. Pursuant to the Circular, servicers now have the option to offer a DLM without the 3 month trial payment plan if: (1) the loan was current at the time of the disaster; (2) the loan term is extended for a period equal to the number of months the loan is delinquent (post disaster); (3) the loan term extension is 12 months or less (unless a longer term is approved by VA); and (4) the servicer waives the delinquent interest accrued on the loan. The Circular went into effect November 27, 2017.
CFPB
CFPB Amends Fair Credit Reporting Act with respect to Medical Information
The CFPB adopted rules amending the Fair Credit Reporting Act (FCRA) with respect to medical information. Per the rule adoption, the CFPB removed an exception
January 16, 2025
