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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Navigating the Unchartered Waters: Rising Interest Rates in Mortgage Lending Explore how rising interest rates are affecting mortgage lending and homebuyer affordability in the current market.
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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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