Mortgage Relief Efforts Create Compliance Pressure, Problems; Lenders Urged to Develop Procedures to Expedite Forbearance
October 8, 2001
Mortgage lenders should develop better loan relief procedures for dealing with the extraordinary borrower circumstances relating to the Sept. 11 terrorist attack on the United States, according to compliance and regulatory experts. One problem that has emerged early on is how to identify and verify "affected victims," legal experts said at the America’s Community Bankers’ national compliance conference in Cleveland last week. The burden has fallen squarely on lenders and servicers.