With the release of the Consumer Financial Protection Bureau’s COVID-19 mortgage servicing final rule and an August 31, 2021, effective date that will be here before we know it, the race is on for servicers to digest the...more
6/30/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Evasion ,
Final Rules ,
Financial Services Industry ,
Foreclosure ,
Loss Mitigation ,
Moratorium ,
Mortgage Servicers ,
Mortgages ,
Regulation X
On June 28 2021, the Consumer Financial Protection Bureau released its much-anticipated mortgage servicing final rule related to COVID-19. This rulemaking amends Regulation X and, as expected, largely tracks the proposal that...more
The COVID-19 Pandemic has wreaked havoc on the mortgage servicing industry, putting significant strain on both mortgage servicers and their borrowers. During this pandemic, mortgage servicers are faced with the difficult task...more
4/21/2021
/ Billing ,
Borrowers ,
CARES Act ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Forbearance Agreements ,
GSE ,
Interest Accrual ,
Loss Mitigation ,
Mortgage Servicers ,
Truth in Lending Act (TILA)
In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of violating some of the Consumer Financial Protection Bureau’s (CFPB) Mortgage...more
12/11/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Deferral Standard ,
Fannie Mae ,
Freddie Mac ,
GSE ,
Interim Final Rules (IFR) ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
Relief Measures
On page 8 of the September–October issue, we discussed the COVID-19 forbearance landscape and related compliance challenges for mortgage servicers. In this article, we unpack the post-forbearance world, focusing on the...more
11/6/2020
/ Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Forbearance Agreements ,
Insureds ,
Interim Final Rules (IFR) ,
Investors ,
Loan Modifications ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
Repayment Options
On May 14, 2020, shortly after the Fannie Mae and Freddie Mac COVID-19 payment deferral options were announced, we warned mortgage servicers about the legal risks associated with offering payment deferral programs to...more
6/24/2020
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fair Housing Act (FHA) ,
Fannie Mae ,
Freddie Mac ,
Interim Final Rules (IFR) ,
Loss Mitigation ,
Mortgage Bankers Association ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation X
On Wednesday, May 13, 2020, Fannie Mae and Freddie Mac unveiled new retention workout options that were jointly developed and “specifically designed to help borrowers impacted by a hardship related to COVID-19 return their...more