CFPB Acting Director Dave Uejio said that as forbearance programs begin to wind down by the fall, “a flood of borrowers will need assistance from their servicers." The proposed rule would set up a “temporary COVID-19 emergency pre-foreclosure review period,” effectively preventing services from initiating foreclosures until 2022.
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Navigating the Future of Mortgage Lending in an Unpredictable Market Discover how mortgage lenders are adapting to market volatility, embracing digital transformation, and preparing for future trends in the mortgage lending industry.
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CFPB Moots Servicing Rule Change to Curb COVID-19 Foreclosures
The Consumer Financial Protection Bureau (CFPB) has proposed changing mortgage servicing rules to keep homeowners from being forced into foreclosure later this year due to the pandemic. So reports CNBC.
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