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.
A district court in Delaware denied a motion for the entry of a consent judgment because the law firm that signed the settlement lacked authority from the defendants.
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.
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.
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