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Forbearance

The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

February 24, 2023 By Anoush Garakani and Nanci Weissgold

A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national emergency on May 11, 2023. The White House Briefing Room reiterated the President’s position on February 10, 2023. Given the significant updates mortgage […]

Filed Under: CARES Act, Consumer Financial Protection Bureau (CFPB), COVID-19, Department of Housing and Urban Development (HUD), Federal Housing Finance Agency (FHFA), Forbearance, HUD, Mortgage Servicing, State Law Tagged With: #CFPB, #mortgageservicing, CARES Act, Covid-19, Forbearance, Servicing

CFPB Publishes Fall 2022 Supervisory Highlights

December 1, 2022 By Anoush Garakani and Aileen Ng

A&B ABstract: On November 16, 2022, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released its Fall 2022 Supervisory Highlights (Issue 28) (the “Supervisory Highlights”), which, among other things, announces the creation of a Repeat Offender Unit and highlights supervisory observations from examinations conducted by the Bureau in the first half of 2022.  Below we […]

Filed Under: CARES Act, Consumer Financial Protection Bureau (CFPB), COVID-19, Debt Collection, Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Forbearance, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #debtcollection, #FCRA, #mortgageservicing, CARES Act, Covid-19, Forbearance, Mortgage Servicing, Servicing

Biden-Harris Administration Announces Extension of COVID-19 Foreclosure Moratorium

June 24, 2021 By Nanci Weissgold and Anoush Garakani

A&B Abstract: Today, the Biden Administration announced an extension of the foreclosure moratorium for federally-backed mortgage loans (the “Presidential Announcement”). To implement the Presidential Announcement, the federal agencies (i.e., HUD/FHA, USDA, and VA) and GSEs (i.e., Fannie Mae and Freddie Mac) have announced (or are anticipated to announce) extensions of the foreclosure moratorium until July […]

Filed Under: CARES Act, Consumer Loan, COVID-19, Department of Housing and Urban Development (HUD), Federal Housing Finance Agency (FHFA), Forbearance, HUD, Mortgage Loans, Mortgage Servicing Tagged With: #GSEs, Covid-19, Forbearance, Foreclosure, HUD, Mortgage Servicing, Servicing

CFPB Issues Warning to Mortgage Servicing Industry

April 5, 2021 By Nanci Weissgold and Anoush Garakani

A&B ABstract: On April 1, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Bulletin and Policy Guidance (the “Bulletin”) on the Bureau’s supervision and enforcement priorities with regard to housing insecurity in light of heightened risks to consumers needing loss mitigation assistance once COVID-19 foreclosure moratoriums and forbearances end.  The Bulletin […]

Filed Under: Consumer Financial Protection Bureau (CFPB), COVID-19, Dodd-Frank Act, Equal Credit Opportunity Act (ECOA), Forbearance, Mortgage Loans, Mortgage Servicing, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #COVID=19, CARES Act, Forbearance, Foreclosure, Mortgage Servicing, Servicing, UDAAP

Maryland Issues Executive Order Restricting Foreclosure Actions and Prohibiting Evictions During COVID-19 Emergency

October 23, 2020 By Nanci Weissgold and Ross Speier

A&B ABstract: Maryland’s Governor has issued an Executive Order providing that until the COVID-19 state of emergency is terminated: (1) foreclosure sales will only be valid if the servicer had notified the borrower of their rights to request a forbearance, and (2) residential and commercial evictions are prohibited if the tenant can show they suffered […]

Filed Under: CARES Act, Mortgage Loans, Mortgage Servicing, State Law Tagged With: CARES Act, Covid-19, Forbearance, Foreclosure, Mortgage Servicing

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