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 […]
Tag: Pandemic
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 […]
CFPB ISSUES COVID-19 PAYMENT AND DEPOSIT FAQS
On May 13 the Consumer Financial Protection Bureau (CFPB) issued pandemic related information including a Statement on Supervisory and Enforcement Practices Regarding Regulation Z, FAQs on Open-End (not Home Secured) Rules Related to COVID-19, and FAQs on Payment and Deposit Rules Related to COVID-19. A summary of the Payment and Deposit Rules FAQs, which includes three main questions, is provided below. FAQ one addresses whether a financial or depository institution can change account terms for […]
PANDEMIC RELIEF EFFORTS
On March 11, the World Health Organization declared COVID-19 a Pandemic. In a mere 21 days the world has changed for everyone, for some more than others. In some states the Pandemic is in the surge stage and is reaching the apex of the curve. Hopefully, the curve will soon begin to decline. In other states the acceleration phase is just getting started. Right now your primary concern is just getting through the crisis. After […]