House Financial Services Committee Considers CARES Act Implementation Issues

At a hearing titled "Protecting Homeowners during the Pandemic: Oversight of Mortgage Servicers' Implementation of the CARES Act," the U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations considered CARES Act mortgage servicer implementation issues and economic inequity.

Specifically, the Committee examined issues with how mortgage servicers are carrying out the mandated relief, noting that several servicers failed to:

• include forbearance information on their websites;
• offer borrowers the initial 180-day forbearance;
• notify borrowers that they may elect a one year forbearance period; and
• explain to borrowers that servicers cannot request post-forbearance lump sum payments.