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ARTICLE · 23 JUNE 2023

CFPB Announces Plans To Streamline Mortgage Servicing Rules

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Last Thursday, the CFPB announced in a blog post that it is considering revising its mortgage servicing rules. This development follows a request for information from the CFPB...

United StatesFinance and Banking
Krista Cooley
Krista Cooley
Christa Bieker
Christa Bieker
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Last Thursday, the CFPB announced in a blog post that it is considering revising its mortgage servicing rules. This development follows a request for information from the CFPB last fall seeking public input on, among other things, streamlined loss mitigation options. The CFPB's current mortgage servicing rules were promulgated in the wake of the foreclosure crisis and took effect in 2014. Among other things, the rules create a framework for default servicing under which servicers must evaluate loss mitigation applications according to a prescribed process with deadlines and notice requirements. The COVID-19 pandemic put this loss mitigation framework to the test as the number of borrowers who had trouble paying their mortgages skyrocketed.

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