New CFPB Mortgage Servicing Rule Helps Encourage Loan Modifications
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a final rule on mortgage servicing under the Real Estate Settlement Procedures Act (RESPA). Many families are experiencing long-term income disruptions due to the pandemic and economic crisis – particularly families of color. Over two million homeowners are in payment forbearances scheduled to end this fall and winter. Forbearance exits will strain the system as homeowner and servicer communications reach record levels and as, ideally, servicers process many loan modifications. Center for Responsible Lending