In the process of release of mortgage loan review process Yesterday, the Consumer Financial Protection Bureau announced that the simplification of loss reduction options created to help service providers respond to COVID-19 should continue to be extended to them. not facing the problems of COVID, if there are also opportunities to reduce losses for borrowers. have a problem related to COVID-19.
“We understand that these simple options have been very successful in keeping customers in their homes and note that COVID-19 will continue to affect families, even beyond the emergency of the country,” Lorelei Salas, the CFPB’s assistant director for policy and deputy assistant director for research, wrote in a blog post. Salas said the agency expects to continue to use “all the tools at their disposal” including “mandatory delays and changes to meet the provisions of the CFPB’s COVID-19-related mortgage regulations.” ” to keep customers in their homes.
Other new features of the updated manual include a direct review of the service provider’s procedures related to the payment of fees for payment of fees (e.g. billing convenience), changes to existing financing, canceling private mortgage insurance, providing information about homeowner assistance programs, and statements made . to borrowers before taking foreclosure actions.
The mortgage inspection guidelines describe the types of information agency inspectors collect to evaluate the servicer’s policies and procedures. ; assess whether service providers are complying with applicable laws; and inform customers of the risks associated with servicing mortgages. The document includes CFPB guidance issued since the last update in 2016.