The third anniversary of the global Coronavirus pandemic is on Saturday March 11, 2023. On March 11, 2020, the World Health Organization’s declared the global pandemic. A lot has changed since then. On February 9, 2023 the Department of Health and Human Services (HHS) issued a Press Release regarding the continuation of the federal Public Health Emergency (PHE) for COVID-19. Based on current COVID-19 trends, HHS is planning for the PHE, declared under Section 319 […]
Tag: Coronavirus
CFPB PUBLISHES SECOND SET OF PANDEMIC RESPONSE
On May 16, 2022, the Consumer Financial Protection Bureau (CFPB) published its second Mortgage Servicing COVID-19 Pandemic Response Metrics. The report provides the CFPB’s observations of data obtained from 16 large mortgage servicers to identify areas of risk in the servicers’ COVID-19 pandemic response. The report: Addresses key metrics for call center data, forbearance enrollments and exits, delinquency, and borrower profiles. Informs servicers’ own data reviews as they determine whether they are doing enough for […]
PANDEMIC
On March 11, 2020, the World Health Organization (WHO) Director-General, Dr. Tedros Adhanom Ghebreyesus, declared COVID-19 a global Pandemic. It is chilling to re-read his comments now and to consider our failures to take simple actions that could have lessened the severity of the crisis. The Director-General’s full comments are reproduced below. Good afternoon. In the past two weeks, the number of cases of COVID-19 outside China has increased 13-fold, and the number of […]
FINAL RESPA PROTECTIONS FOR BORROWERS AFFECTED BY COVID PUBLISHED
On June 28, the Consumer Financial Protection Bureau (CFPB) issued a 208-page final rule that completes the rule making on amendments to the federal mortgage servicing regulations (Regulation X) that: Establish temporarily procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. Temporarily permit mortgage servicers to offer certain loan modifications made […]
FFIEC STATEMENT ON ADDITIONAL LOAN ACCOMMODATIONS RELATED TO COVID-19
On August 3 the Federal Financial Institutions Examination Council (FFIEC) issued a statement setting forth prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as initial coronavirus-related loan accommodation periods come to an end and they consider additional accommodations. The COVID event has had a significant adverse impact on consumers, businesses, financial institutions, and the economy. To address some of these impacts, the Coronavirus Aid, Relief, and Economic Security […]