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The CFPB’s Final Rule on COVID-19 Mortgage Servicing

On June 28, 2021, the Consumer Financial Protection Bureau issued a final rule (2021 Rule) amending certain provisions of Regulation X. The 2021 Rule establishes temporary procedural safeguards to borrowers impacted by COVID-19 before a foreclosure can be noticed or commenced against their primary residence[1] and provides for streamlined loss mitigation reviews. The CFPB stated that the 2021 Rule “will help ensure a smooth and orderly transition as the other Federal and State protections end by providing borrowers with a meaningful opportunity to explore ways to resume ...

CFPB Announces Proposed Plan to Prevent Deluge of Post-Pandemic Foreclosures

On April 5, 2021 the Consumer Financial Protection Bureau (CFPB) published a proposed rule entitled Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X. The proposed amendments to Regulation X are aimed to ensure that the approximately 2.5 million borrowers still in forbearance programs will not be ushered immediately into foreclosure when their respective COVID-related forbearance ends. 

The proposed amendments, which apply only to mortgage loans secured by principal residences, contemplate a ...

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