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CFPB Amends Reg X with Temporary Foreclosure Safeguards
Posted: Jul 1, 2021 | Author:
CFPB
CFPB
compliance
COVID-19
foreclosure
lending & collections
mortgage lending
The Consumer Financial Protection Bureau issued the 2021 Mortgage Servicing COVID-19 Final Rule earlier this week. The Rule amends certain Regulation X Mortgage Servicing early intervention and loss mitigation requirements. The Rule establishes procedural safeguards for mortgage servicers that help borrowers explore foreclosure alternatives, such as loan modifications or home sales.
The Rule is effective Aug. 31, 2021.
The CFPB also provided an Executive Summary and an Unofficial Redline.
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