Consumer Financial Protection Bureau Director Rohit Chopra stated today that the firm will quickly propose methods to streamline and enhance home loan maintenance guidelines, indicating short-term modifications that looked for to safeguard customers throughout the pandemic as a possible guide for future action.
The CFPB in 2021 enacted short-term safeguards to make sure that customers had a “meaningful opportunity” to be evaluated for loss mitigation prior to the servicer had the ability to make the very first notification or filing needed for foreclosure on specific home mortgages. The firm likewise directed home loan servicers to use specific loan adjustments to customers experiencing pandemic-related difficulties. In a post on the CFPB site, Chopra kept in mind that in 2015 the firm looked for public input on methods to minimize threats for customers who experience disturbances in their capability to make home loan payments. “According to commenters, the temporary pandemic-related changes we made to the mortgage servicing rules helped alleviate this problem and get borrowers accommodations more quickly,” he stated.
Chopra didn’t offer any specifics on what alters the CFPB would propose or offer a timeline for when they would be presented. “We will propose streamlining only if it would promote greater agility on the part of mortgage servicers in responding to future economic shocks while also continuing to ensure they meet their obligations for assisting borrowers promptly and fairly,” he stated.