CFPB issues series of measures impacting mortgage servicers | Ballard Spahr LLP

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The CFPB was busy last week, issuing a series of measures that impact the mortgage servicing industry.
On March 31
st the CFPB
rescinded seven policy statements, including statements that provided flexibility from supervisory or enforcement actions for loss mitigation and credit reporting activity in connection with the COVID-19 national emergency.
On April 1
st, the CFPB issued Compliance Bulletin 2021-02 (the “Compliance Bulletin”), warning mortgage servicers to take certain measures in anticipation of the wave of homeowners who will need assistance after the expiration of CARES Act forbearances and other similar COVID-related measures.

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