CFPB Releases Updates to Mortgage Servicing Exam Procedures and Loss Mitigation Expectations
- Source: consumerfinance.gov
Treliant Takeaway:
Treliant professionals are subject matter experts on residential mortgage servicing with a special emphasis on loss mitigation, including policies and procedures, regulatory requirements and the impact of COVID-19 related programs. Treliant stands ready to assist mortgage servicers regarding the regulatory expectations regarding consumer home retention.
Highlights:
On January 18, 2023, the Consumer Financial Protection Bureau (CFPB) released their updated Mortgage Servicing Examination Procedures, the first update since June 2016. These examination procedures are newsworthy since they include information about mortgage forbearances and home retention options resulting from the COVID-19 national emergency. The use of these home retention options will remain in place as long as the national emergency exists to address borrower hardships, but can also be used for home retention efforts for those borrowers not impacted by the COVID-19 national emergency, but nonetheless need home retention options. The CFPB expects that servicers will use all tools available to them to keep consumers in their homes.