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

Firm News

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

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