Guidance to Escrow Agents, Finance Lenders and Servicers, Student Loan Servicers, Residential Mortgage Lenders and Servicers, and Mortgage Loan Originators

On March 4, 2020, Governor Gavin Newsom proclaimed a state of emergency as a result of the COVID-19 outbreak. On March 16, 2020, the Governor issued Executive Order N-28- 20,directing the Department of Business Oversight (Department) to work with financial institutions to identify tools to be used to afford Californians relief from the threat of residential foreclosure and displacement, and to otherwise promote housing security and stability during this state of emergency. The executive order also requested financial institutions to implement an immediate moratorium on foreclosures arising from causes related to COVID-19.

Read the full guidance here: https://californiamortgageassociation.org/wp-content/uploads/2020/03/DBO-Guidance-Escrow-Mortgage-Student-Loans-3.21.20.pdf