CFPB Updates Servicing Rules to Ease Transition from Forbearance

Posted To: MND NewsWire

The government stakeholders involved in the various pandemic related forbearance programs appear to be directing their full attention to their upcoming expirations. Ginnie Mae earlier announced a new class of mortgage-based securities (MBS) to absorb loans that have been modified to return them to performing status. Now the Consumer Financial Protection Bureau (CFPB) has announced amendments to the federal mortgage servicing regulations to “help protect mortgage borrowers from unwelcome surprises as they exit forbearance.” CFPB said the temporary special safeguards will help ensure borrowers sufficient time to explore their options before facing foreclosure. These options include loan modifications and selling their homes. The rules cover loans on principal residences, generally exclude small…(read more)

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CFPB Updates Servicing Rules to Ease Transition from Forbearance
CFPB Updates Servicing Rules to Ease Transition from Forbearance

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