CFPB April 5 Announces Foreclosure Restriction and Additiona

CFPB April 5 Announces Foreclosure Restriction and Additional Loss Mitigation Requirements | Sheppard Mullin Richter & Hampton LLP


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On April 5, the Consumer Financial Protection Bureau (“CFPB”) proposed amendments to Regulation X with the effect of preventing foreclosure on certain residential mortgage loans until January 1, 2022.[1] With a proposed effective date of August 31, 2021, this action would apply not only to federally backed mortgage loans, but to all mortgage loans secured by a property that is a borrower’s principal residence[2] – including those held in private trusts and on lender balance sheets. On April 3, the CFPB and other governmental agencies charged with overseeing mortgage servicers issued a joint statement explaining that the Coronavirus Disease (“Covid-19”) emergency could cause “temporary business disruptions and challenges for mortgage servicers, including staffing challenges, that could impede their ability to assist consumers at this critical time.”[3]

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