CFPB Foreclosure Restriction and Additional Loss Mitigation Requirements natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
Regulatory Announcements
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Over the last week, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) has sharpened its focus on the mortgage servicing industry. Knowing that millions of mortgage borrowers will exit COVID-19 moratoriums and forbearance plans in the fall, the Bureau first issued a compliance bulletin putting servicers on notice that it will use all supervisory and enforcement tools against those not ready to process loss mitigation requests from these borrowers. The CFPB followed by issuing a proposed rule that would amend the Real Estate Settlement Procedures Act (RESPA) Regulation X so as to prevent “avoidable foreclosures” on this borrower cohort.
Inman Connect
“The bureau is unnecessarily inserting confusion.”
That’s the feedback one industry leader had on a new rule being proposed by the Consumer Financial Protection Bureau (CFPB) that would change the rules of the game for mortgage servicers. With its new proposed rule, servicers would have no choice but to prevent foreclosures in 2021.
“The nation has endured more than a year of a deadly pandemic and a punishing economic crisis,” CFPB Acting Director Dave Uejio said. “We must not lose sight of the dangers so many consumers still face. Millions of families are at risk of losing their homes to foreclosure in the coming months, even as the country opens back up.”
Bureau of Consumer Financial Protection Proposed Rule: Protections for Borrowers Affected by COVID-19 Emergency Under Real Estate Settlement Procedures Act, Regulation X
Targeted News Service
April 9
The Bureau of Consumer Financial Protection has issued a proposed rule (12 CFR Part 1024), published in the
Federal Register on
April 9, 2021, entitled: Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X .
The proposed rule was issued by
David Uejio, Acting Director,
DATES: Comments must be received on or before
May 10, 2021.
Brandy Hood or
Terry J. Randall, Senior Counsels,
Office of Regulations, at 202-435-7700 or https://reginquiries.consumerfinance.gov/. If you require this document in an alternative electronic format, please contact [email protected].