Protections for Borrowers Affected by COVID-19 Under RESPA, Regulation X Final Rule Summary

Updated 07/26/2021

This tool summarizes the CFPB’s Final Rule amending mortgage servicing rules for borrowers impacted by the COVID-19 pandemic. The following are the key takeaways of the changes:

  1. Mortgage servicers must meet certain temporary procedural safeguards before making the first notice or filing required for foreclosure proceedings.
  2. Servicers may offer borrowers experiencing a COVID-19 related hardship certain loan modifications
  3. Servicers are required to take certain actions at live contact depending on whether a borrower experiencing a COVID-19 related hardship is in forbearance.

Members Can Download This Tool

Login to Download

Not Yet a Member?

Our members enjoy:

On-demand regulatory guidance hotline – by chat, phone and email – available from anywhere, on any device – 7 am - 6 pm, M-F, Central time 

Research time saved daily & weekly across forms, checklists, and trainings — for every regulation

Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff

A sounding board for support and reassessment when institutional goals or the regulatory environment changes

Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions

The knowledge that C/A was created and owned by 30 State Bankers Association to provide bank compliance services to their membership organizations

Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.

Become a Member