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ARTICLE · 17 MAY 2021

CFPB Issues Reports On COVID-19 Challenges For Mortgage Borrowers

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On May 4, 2021, the Consumer Financial Protection Bureau (CFPB) issued two reports detailing mortgage borrowers' continuing challenges related to the COVID-19 pandemic.

United StatesFinance and Banking
Richard Alexander
Richard Alexander
Christopher Allen
Christopher Allen
David Freeman, Jr.
David Freeman, Jr.
Michael Mancusi
Michael Mancusi
Kevin Toomey
Kevin Toomey
Charles Yi
Charles Yi
Monique Holmes
Monique Holmes
Jöel Thompson
Jöel Thompson
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On May 4, 2021, the Consumer Financial Protection Bureau (CFPB) issued two reports detailing mortgage borrowers' continuing challenges related to the COVID-19 pandemic: a research brief on the characteristics of mortgage borrowers and the challenges they face; and a consumer complaint bulletin detailing common issues in mortgage complaints, which were made at an all-time high during the month of March 2021. The challenges and issues detailed in these reports, combined with a renewed focus on consumer protection under the Biden-Harris Administration, serve as important reminders to financial institutions to consider the hardships faced by their customer bases and to also consider what measures may be taken to mitigate adverse consequences and potential disparate impact on various customers.

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