CFPB Considers Permanently Restoring Covid Mortgage Protections
Industry Update
September 22, 2022
Source: news.bloomberglaw.com
The Consumer Financial Protection Bureau is seeking information to possibly make pandemic-era foreclosure prevention and automatic refinancing programs permanent features of the mortgage market.
The Thursday request for information for rulemaking is seeking input from lenders and other interested parties on ways to automatically allow financially vulnerable borrowers—due to natural disasters, pandemics and other events out of their control—to pause payments and extend the loan maturity date. Such automatic protections could also help mortgage servicers, the CFPB said.
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