Mortgage servicers could violate the CARES Act if they require documentation from borrowers to prove financial hardship or deny forbearance once it’s properly requested, warned the CFPB.
The CFPB updates its examination manual for reverse-mortgage servicing; states extend work-from-home guidance for mortgage loan officers; the bureau settles with short-term lenders and more.
The survey was based on responses from 336 lenders, 81% of which are nonbanks. Firms in the study originated, on average, $728 million of loans in 1Q20.
The lender becomes liable for the indemnification payment if the property goes into foreclosure and results in a claim to the Mutual Mortgage Insurance Fund.
With more than 8% of mortgages now in forbearance, industry experts are exploring ways to give an added impetus to digitizing the loan-modification process.
Coronavirus-triggered social distancing has given an added impetus to the mortgage industry’s digital transformation efforts. The adoption of remote online notarization may be the key.
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