The Consumer Financial Protection Bureau today proposed to establish a temporary COVID-19 emergency pre-foreclosure review period under Regulation X that would prohibit servicers from making the first notice or filing required to initiate foreclosure until Dec. 31.
In a compliance bulletin issued today, the Consumer Financial Protection Bureau called on mortgage servicers to “take all necessary steps now”—including ensuring adequate staffing and resources—to be prepared to work with customers exiting COVID-19 forbearance programs this fall.
More than 10% of respondents in a recent Federal Reserve Bank of Philadelphia survey said they had entered mortgage forbearance at some point during the pandemic, with 6.4% currently in a forbearance plan and 4.1% reporting they had previously been in forbearance since March 1, 2020.
The Federal Housing Finance Agency announced yesterday that it would extend through March 31, a moratorium on foreclosures and real estate owned evictions for single-family mortgages backed by Fannie Mae or Freddie Mac. The current moratorium was set to expire on March 31.
The housing market has been a relative bright spot in an otherwise highly disrupted economy.
The American Bankers Association yesterday joined a broad coalition of housing and civil rights organizations in a letter urging lawmakers to include $25 billion in direct assistance to struggling homeowners in the next COVID-19 relief bill.
A global pandemic, a struggling economy and a new administration throw wrenches into risk managers plans for the year ahead.
Banks moved heaven and earth to help clients through COVID-19. While examiners are stepping cautiously in exams, bankers must prepare for more probing questions.
With some Americans experiencing difficulties paying their mortgage due to COVID-19, the American Bankers Association yesterday joined a broad coalition of mortgage industry stakeholders and consumer groups to launch a new national campaign to help raise awareness about consumers’ forbearance options.