Federal agencies on Friday announced updates to their rulemaking agendas. Items on the agendas and…
The American Bankers Association yesterday offered several changes to a recent proposal by the Consumer Financial Protection Bureau 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.
COVID-19 continues to pose significant compliance challenges for mortgage servicers.
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?