On April 5, 2021, the CFPB issued a
blog post suggesting various communication strategies for mortgage servicers, to handle increased volume associated with the COVID-19 national emergency. Noting the CFPB’s recent
In addition to traditional techniques of mailing letters and calling borrowers, the CFPB suggests using data science to understand borrower contact preferences. Regarding communication strategies, the blog notes the following non-traditional techniques used by some servicers:
Use of multi-media channels to meet customer preferences, including combinations of text, personalized emails, or mail, as permitted under applicable law;
Identifying borrower contact preferences;
Development and use of self-service web-based tools and customer portals to assist borrowers with the loss mitigation process;