The Federal Housing Administration this week announced updates to its Single Family Housing Policy Handbook 4000.1 that address servicing and loss mitigation.
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.
The number of homeowners that are behind on their mortgage has doubled since the beginning of the pandemic, with 6% of mortgages in delinquency as of December 2020, according to a new report issued by the CFPB today.
The American Bankers Association submitted comments to the Conference of State Bank Supervisors last week urging that state regulators align prudential standards for nonbank mortgage servicers with those of the federal banking agencies.
A global pandemic, a struggling economy and a new administration throw wrenches into risk managers plans for the year ahead.
What happens when borrowers transition out of coronavirus-related mortgage forbearance and into other forms of loss mitigation assistance?
The American Bankers Association joined the Housing Policy Council and the Mortgage Bankers Association in a comment letter to the Department of Housing and Urban Development last week offering feedback on recent proposed changes to the servicing section of the Federal Housing Administration Single-Family Housing Policy Handbook.
COVID-19 forbearance programs—and the rules, regulations and requirements that govern them—present a host of new and unique compliance challenges for mortgage servicers.
Can a Bank Lose its Small Servicer Exemption if it Originates Mortgage Loans That It Sells But Still Services?
…and other answers to your compliance questions in the September/October 2020 ABA Regulatory Policy and Compliance Inbox.