Posts tagged Mortgage Servicing Rule.
On August 31, 2021, a new final rule amending Regulation X’s mortgage servicing rules for borrowers experiencing hardship due to COVID-19 will take effect. The Consumer Financial Protection Bureau (“CFPB”) hopes that these provisions will prevent a new foreclosure crisis when the majority of existing foreclosure moratoria implemented by state and federal governments expire over the course of this summer. A mastery of these new provisions will be essential knowledge for lenders, loan servicers, and their counsel in the coming months and years ahead.
Here are five major ...