The Consumer Financial Protection Bureau today issued a long-awaited interpretive rule providing clarity on how the newly enacted Juneteenth holiday affected the timing of disclosures required for mortgage transactions in process.
Customer satisfaction with mortgage servicers industrywide increased six points to 787 on a scale of 1,000 during the pandemic, according to the J.D. Power 2021 Primary Mortgage Servicer Satisfaction Study released today.
As advocated by American Bankers Association, the Conference of State Bank Supervisors today published model state regulatory prudential standards for nonbank mortgage servicers.
As more borrowers exit COVID-19 forbearance programs, the Biden administration today announced several new relief measures designed to help mortgage borrowers with loans through the Department of Housing and Urban Development, Department of Veterans Affairs and the Department of Agriculture avoid foreclosure.
The FDIC board today approved a proposal to simplify the deposit insurance rules for deposits of trusts and mortgage servicing accounts. Comments on the proposal will be due 60 days after publication in the Federal Register, and the American Bankers Association will file a comment letter.
As the economy recovers from the effects of COVID-19, “financial institutions are in good shape” to continue providing credit to consumers and businesses, amid persistent uncertainty and rising inflation fears, American Bankers Association Chief Economist Sayee Srinivasan said today on a new episode of the Banking with Interest podcast, hosted by Rob Blackwell.
The share of current and performing first-lien mortgages in the first quarter of 2021 was 94.2%, down from 96.5% a year ago, according to the Mortgage Metrics Report released by the OCC today.
As expected, the Consumer Financial Protection Bureau today finalized a rule to facilitate streamlined loan modification efforts and establish a temporary COVID-19 emergency pre-foreclosure period under Regulation X that would prohibit servicers from making the first notice or filing required to initiate foreclosure until Dec. 31.
Today, a panel of representatives from the FDIC, OCC, the Federal Reserve and the Consumer Financial Protection Bureau discussed a range of issues during third day of ABA’s Regulatory Compliance Conference. Among the topics on the agenda was the newly enacted Juneteenth holiday—observed on Friday, June 18.
After advocacy by ABA, the Consumer Financial Protection Bureau issued a statement last night on mortgage closing delays that might have been caused by the abrupt enactment of the new Juneteenth federal holiday, observed yesterday.