CFPB Acting Director Dave Uejio said that as forbearance programs begin to wind down by the fall, “a flood of borrowers will need assistance from their servicers." The proposed rule would set up a “temporary COVID-19 emergency pre-foreclosure review period,” effectively preventing services from initiating foreclosures until 2022.
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Mortgage Industry Adapts to Rising Interest Rates The U.S. mortgage industry is adapting to rising interest rates, transforming lending strategies, and borrower behaviors. This article explores the implications for lenders and borrowers, offering insights into new trends and strategies.
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CFPB Moots Servicing Rule Change to Curb COVID-19 Foreclosures
The Consumer Financial Protection Bureau (CFPB) has proposed changing mortgage servicing rules to keep homeowners from being forced into foreclosure later this year due to the pandemic. So reports CNBC.
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