The CFPB has called upon borrowers to exercise caution before requesting forbearance, noting that they will have to repay any missed or reduced payments.
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.
Democratic senators criticized the CFPB’s response to the economic pain caused by COVID-19 as “tepid and inefficient.” Meanwhile, the bureau’s former director, Richard Cordray, outlined his suggestions.
The CFPB, along with other federal and state regulators, will not criticize financial institutions for certain loan modifications offered to borrowers facing coronavirus-related economic hardships.
The Fourth Circuit Court dismissed a class action case concerning a co-marketing program under RESPA, noting the plaintiffs lack standing because they have not been overcharged.
The CFPB’s latest supervisory highlight report red flags mortgage servicing violations, where firms failed to provide loss-mitigation notices in time after natural disasters.
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