Consumer complaints filed with the CFPB reached a record high in the first quarter of 2020 driven by a surge in credit reporting complaints, according to a new analysis by Inside the CFPB. (Includes data chart.)
Amid talk about regulatory delays due to the lockdown, the CFPB finalized a rule on collecting and reporting data under the Home Mortgage Disclosure Act. More rulemaking could follow.
Banks can delay getting an appraisal for certain real estate-related transactions for up to 120 days after a mortgage closes. The leeway applies only to portfolio loans.
The CFPB has called upon borrowers to exercise caution before requesting forbearance, noting that they will have to repay any missed or reduced payments.
CFPB advisory committees to meet May 1; borrowers with DTI ratios exceeding 43% barred from California Housing Finance Agency programs; forbearance and foreclosure requirements in Massachusetts.
Attorneys have cautioned mortgage servicers about the potential fair lending risks that may arise from their handling of forbearance and loan-modification requests due to the pandemic.
Federal and state financial regulators will adopt a flexible supervisory and enforcement approach regarding certain communication requirements under mortgage servicing rules during the pandemic period.
Overall consumer complaints filed with the CFPB increased in 2019, driven by a double-digit jump in gripes regarding credit reporting. However, mortgage-related criticisms continued to decline.
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