The Consumer Financial Protection Bureau said more needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.
CFPB reports on mortgage borrower challenges
May 05, 2021 / By ICBA
The Consumer Financial Protection Bureau said more needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.
The Consumer Financial Protection Bureau said more needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.
Borrowers: The first report documents that Black and Hispanic mortgage borrowers are more likely to be delinquent or in a forbearance program than White borrowers.
Complaints: In a second report, the CFPB said overall mortgage complaints to the CFPB have risen to their highest level in three years.
Proposal: The CFPB has proposed prohibiting servicers from starting foreclosure until after Dec. 31. ICBA is reviewing the proposal—which exempts small servicers—and will submit comments by the May 11 deadline.
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