Burr & Forman

08.24.2021   |   Firm News

CFPB Servicing Rule Aims to Stave Off Another Foreclosure Crisis – American Banker

Nicholas Agnello was quoted in an August 11, 2021 article for American Banker discussing a new mortgage servicing rule from the Consumer Financial Protection Bureau (CFPB) going into effect August 31 to help servicers navigate a potential flood of defaults and modification requests as foreclosure moratoriums expire and forbearance plans begin expiring in September.

“The CFPB’s servicing rules will prevent a large number of foreclosures,” Agnello said. “It’s going to be a tall task to implement, and it’s going to be a lot of work for services – but they are certainly doing their best to comply.”

Agnello previously detailed important aspects of the final rule that mortgage servicers should know ahead of August 31 in a blog post entitled “5 Key Provisions in the CFPB’s New COVID-19 Mortgage Servicing Final Rule.”

For the full article, please click here.

The article was also republished by National Mortgage News here

About American Banker 

American Banker is the essential resource for senior executives in banking and financial services, keeping its users updated on vital developments and focusing sharply on their most important concerns — innovation, transformation, and disruption; technology, regulation, and reform. Financial industry professionals turn to American Banker, every day and throughout the day, to stay maximally informed — drilling down on complex issues, keeping up with breaking news, and downloading research and data. Paid subscribers and registered visitors engage deeply with an authoritative community of analysts, practitioners and innovators through opinion content, research panels, social media, and live events.

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