CFPB allows foreclosures to resume, provides more borrower p

CFPB allows foreclosures to resume, provides more borrower protections


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Mortgage servicers can resume foreclosures on some borrowers under a set of rule changes by the Consumer Financial Protection Bureau designed to help millions of struggling homeowners exiting mortgage forbearance plans.
The CFPB issued a temporary final rule Monday that provides added borrower protections such as required outreach and loss mitigation reviews by servicers. But the agency essentially abandoned a proposal
from April that would have required a pre-foreclosure review period, which some said imposed a foreclosure moratorium until 2022.
"Let me be clear: Our final rule does not impose a foreclosure moratorium," acting CFPB Director Dave Uejio said on a conference call with reporters.

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