CFPB, CSBS Issue Consumer Guide on Mortgage Relief Options
- Source: consumerfinance.gov
Treliant Takeaway:
Treliant’s Mortgage Operations & Compliance practice area focuses on helping clients comply with operational and regulatory requirements. Our professionals can help provide guidance, review processes, document decisions, develop procedures, and supplement staff to meet the challenges presented by new regulations and increased volumes due to the pandemic.
Article Highlights:
“Servicers of federally-backed mortgages…must grant forbearance to borrowers with pandemic-related hardships that may last as long as two consecutive 180-day periods.”
“Mortgage servicers could violate the CARES Act or other applicable law and potentially cause consumer harm if they were to require documentation from borrowers to prove financial hardship, if they did not grant the forbearance once properly requested, or if they steered borrowers away from forbearance or misled them.”