March 26, 2020

To: All SLG Clients and Affiliates:

From: Spencer Scheer

Subject: Update COVID-19 LEGAL IMPACT AND TRENDS Update on Attached Outline : CA Foreclosure Moratorium to go into Effect!

CA Governor Newsom just announced that most CA regulated financial institutions will provide mortgage relief to those impacted by the C-19 crises, including a 60 day foreclosure moratorium on covered loans. Go to https://www.gov.ca.gov/2020/03/25/governor-gavin-newsom-announces-major-financial-relief-package-90-day-mortgage-payment-relief-during-covid-19-crisis/

Highlights include:

90-Day Grace Period for Mortgage Payments
Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, those institutions will:
•Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation;
•Confirm approval of and terms of forbearance program; and
•Provide borrowers the opportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.

No Negative Credit Impacts Resulting from Relief
Financial institutions will not report derogatory tradelines (e.g., late payments) to credit reporting agencies, consistent with applicable guidelines, for borrowers taking advantage of COVID-19-related relief.

Moratorium on Initiating Foreclosure Sales or Evictions
For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.

Relief from Fees and Charges
For at least 90 days, financial institutions will waive or refund at least the following for customers who have requested assistance:
•Mortgage-related late fees; and
•Other fees, including early CD withdrawals (subject to applicable federal regulations

Please call or email if you have any questions.

Spencer