Mortgage servicers and credit unions are worried that if a new California forbearance bill becomes law their bottom lines will be significantly impacted. The bill would greatly extend the forbearance period.
The Consumer Financial Protection Bureau issued a no-action letter template for mortgage servicers to use when digitizing their loss-mitigation process.
The Office of the Comptroller of the Currency last week went it alone to finalize its Community Reinvestment Act overhaul. The final rule would restore the geographic distribution test for mortgage lending.
New legislation, which passed the California Assembly Banking and Finance Committee last week, would create “duplicative and sometimes contradictory requirements” for the mortgage industry when viewed alongside federal rules, industry groups warned.
A new COVID-19 payment deferral option provided by Fannie Mae and Freddie Mac that doesn’t require borrowers to submit a complete response package may lead to violations under the CFPB’s loss-mitigation rules, attorneys cautioned.
The CFPB recently issued guidance to provide flexibility to credit card issuers in resolving billing disputes with small businesses impacted by the coronavirus pandemic.
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