The CFPB has sent out examination notices to mortgage servicers about their COVID-19-related practices, according to industry attorneys tracking the matter.
The pilot program will provide customized advice to help financial institutions better understand their regulatory obligations. However, consumer groups said interpretations are better made via notice and comment.
The CFPB clarified that furnishing a special code for tasks, such as disaster relief, is not a substitute for complying with CARES Act’s credit reporting requirements.
Mortgages continue to top the list of COVID-19-related complaints; tool to combat elder fraud launched; state regulators form a pandemic steering group; California Assembly Bill 2501 fails to pass.
Even though the CARES Act grants relief from adverse credit reporting, some borrowers in forbearance plans have complained of a drop in their credit scores.
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.
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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