On August 10, 2021, the Consumer Financial Protection Bureau (CFPB) published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s widely varied response to the pandemic. For example, many servicers managed to handle high call volume with an average hold time below 3 minutes, while others reported keeping callers waiting for as long as 26 minutes. The CFPB […]
Tag: Foreclosure Surge
CFPB PROPOSES FORECLOSURE SURGE CHANGES TO RESPA
On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) proposed changes to Regulation X to assist borrowers affected by the COVID-19 emergency. The CFPB is taking this action to: Help ensure that borrowers impacted by the COVID-19 pandemic have an opportunity to be evaluated for loss mitigation before the initiation of foreclosure. Establish a temporary COVID-19 emergency pre-foreclosure review period until December 31, 2021, for principal residences Temporarily permit mortgage servicers to offer certain […]