Amended Regulatory Guidance Regarding Foreclosures - Update (Maryland)

March 29, 2021

Amended Regulatory Guidance Regarding Foreclosures

WHEREAS, on December 17, 2020, Maryland Governor Larry Hogan issued executive order number 20-12-17-02 (the “Order”) amending and restating previous executive orders issued April 3, 2020, number 20-04-03-01, as further amended and restated on October 16, 2020, by Order 20-10-16-01.

WHEREAS, on January 28, 2021, pursuant to authority provide for under Section VI of the Order, the Commissioner issued Regulatory Guidance Regarding Foreclosures, specifically amending the “Re-Start Date” in Section IV(c) of the Order to February 28, 2021 (the “January 2021 Regulatory Guidance”).

WHEREAS, on February 22, 2021, pursuant to authority provide for under Section VI of the Order, the Commissioner issued Amended Regulatory Guidance Regarding Foreclosures, specifically amending the “Re-Start Date” in Section IV(c) of the Order to April 1, 2021 (the “February 2021 Amended Regulatory Guidance”).

WHEREAS, as authorized under Section VI of the Order, after review and analysis of relevant information related to the COVID-19 catastrophic health emergency, the residential mortgage market, and the economic conditions within the State, the Commissioner has determined that the issuance of amended binding Regulatory Guidance is necessary in order to prevent and reduce foreclosure of residential properties by continuing the prevention of the initiation of residential foreclosures through May 3, 2021 so as to suppress homelessness during the COVID-19 catastrophic health emergency.

NOW, THEREFORE, pursuant to Section VI of the Order, the Commissioner issues the following binding regulatory guidance that is intended to amend and supersede the “Re-Start Date” provided for in Section IV(c) of the Order as amended in the January 2021 Regulatory Guidance, and subsequently amended in the February 2021 Amended Regulatory Guidance.  Specifically, the “Re-Start Date” shall be May 4, 2021.

For questions about this guidance, please contact Jedd Bellman, Assistant Commissioner for Non-Depository Supervision by phone at (443) 904-7045 or by email at jedd.bellman@maryland.gov.