CFPB Report: Many Borrowers Still Behind on Mortgage Payments After COVID-19 Forbearance
Industry Update
June 17, 2022
Source: Fox Business
A new report from the Consumer Financial Protection Bureau (CFPB) revealed many homeowners are struggling to make their monthly mortgage payments after exiting COVID-19 hardship forbearances.
The report was sourced from data by 16 large mortgage servicers between May and December 2021, and revealed that homeowners continue to face significant risks and challenges when it comes to paying their mortgages. The servicers used for the data collection service many types of loans including VA, FHA, GSE, PLS or portfolio, across many locations in the U.S. to give the CFPB a better understanding of how servicers are handling all areas.
For full report, please click the source link above.