CFPB Proposes Mortgage Servicing Changes to Prevent Wave of COVID-19 Foreclosures

The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.

The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-mortgage-servicing-changes-to-prevent-wave-of-covid-19-foreclosures/

Prepared Remarks of Acting Director Dave Uejio on the CFPB Proposal for Mortgage Servicing Changes

Acting Director Dave Uejio remarks on the CFPB proposal for Mortgage Servicing Changes

Acting Director Dave Uejio remarks on the CFPB proposal for Mortgage Servicing Changes

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-of-acting-director-dave-uejio-on-the-cfpb-proposal-for-mortgage-servicing-changes/

Consumer Financial Protection Bureau and Multiple States Enter into Settlement with Nationstar Mortgage, LLC for Unlawful Servicing Practices

On December 7, 2020, the Consumer Financial Protection Bureau (Bureau) filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper (Nationstar).

On December 7, 2020, the Consumer Financial Protection Bureau (Bureau) filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper (Nationstar).

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-multiple-states-enter-settlement-nationstar-mortgage-llc-unlawful-servicing-practices/

Consumer Financial Protection Bureau Issues Proposed Rule on Escrow Exemptions for Certain High-Priced Mortgage Loans

The Consumer Financial Protection Bureau issued a notice of proposed rulemaking that would amend Regulation Z to provide a new exemption available to certain insured depository institutions and insured credit unions from the requirement to establish es…

The Consumer Financial Protection Bureau issued a notice of proposed rulemaking that would amend Regulation Z to provide a new exemption available to certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-proposed-rule-escrow-exemptions-high-priced-mortgage-loans/

CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Recovering from Pandemic-Related Financial Hardships

The Consumer Financial Protection Bureau (Bureau) issued today an interim final rule (IFR) that will make it easier for consumers to transition out of financial hardship caused by the COVID-19 pandemic and easier for mortgage servicers to assist those …

The Consumer Financial Protection Bureau (Bureau) issued today an interim final rule (IFR) that will make it easier for consumers to transition out of financial hardship caused by the COVID-19 pandemic and easier for mortgage servicers to assist those consumers.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-interim-final-rule-loss-mitigation-options-pandemic-related-financial-hardships/

CFPB Takes Steps to Facilitate LIBOR Transition

The Consumer Financial Protection Bureau took steps to facilitate the transition away from LIBOR for consumers and regulated entities.

The Consumer Financial Protection Bureau took steps to facilitate the transition away from LIBOR for consumers and regulated entities.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-facilitates-libor-transition/

Consumer Financial Protection Bureau Settles with Specialized Loan Servicing, LLC

The Consumer Financial Protection Bureau settled with Specialized Loan Servicing, LLC (SLS), a mortgage-loan servicer in Colorado.

The Consumer Financial Protection Bureau settled with Specialized Loan Servicing, LLC (SLS), a mortgage-loan servicer in Colorado.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-settles-specialized-loan-servicing/

Consumer Financial Protection Bureau Outlines Mortgage Loan Transfer Process to Prevent Consumer Harm

The Consumer Financial Protection Bureau today outlined practices to provide mortgage servicers clarity, facilitate compliance, and prevent harm to consumers during the transfer of residential mortgages.

The Consumer Financial Protection Bureau today outlined practices to provide mortgage servicers clarity, facilitate compliance, and prevent harm to consumers during the transfer of residential mortgages.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-outlines-mortgage-loan-transfer-process-prevent-consumer-harm/

CFPB and FHFA Announce Borrower Protection Program

The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) announced the Borrower Protection Program (the Program), a new joint initiative that enables CFPB and FHFA to share servicing information to protect borrowers…

The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) announced the Borrower Protection Program (the Program), a new joint initiative that enables CFPB and FHFA to share servicing information to protect borrowers during the coronavirus national emergency.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-fhfa-announce-borrower-protection-program/

Federal Agencies Encourage Mortgage Servicers to Work with Struggling Homeowners Affected by COVID-19

The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus …

The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/federal-agencies-encourage-mortgage-servicers-work-struggling-homeowners-affected-covid-19/