To support the effort to provide relief to mortgage borrowers struggling due to the coronavirus, the Federal Housing Finance Agency and the Consumer Financial Protection Bureau will begin sharing servicing information, the agencies announced today.
As part of this new Borrower Protection Program, the CFPB will share complaint information and analytical tools with FHFA through a secure interface, and FHFA will share information about Fannie Mae and Freddie Mac’s efforts to offer forbearance, modifications and other loss mitigation options.
The GSEs previously announced they would offer forbearance options to borrowers facing financial hardships during the pandemic. “Borrowers are entitled to accurate information about their forbearance options,” said FHFA Director Mark Calabria. “This partnership with CFPB ensures FHFA can address misconceptions stemming from consumer complaints by working with Fannie and Freddie servicers.”