Protections for Borrowers Affected by COVID-19 Under RESPA, Regulation X Final Rule Summary
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:
- Mortgage servicers must meet certain temporary procedural safeguards before making the first notice or filing required for foreclosure proceedings.
- Servicers may offer borrowers experiencing a COVID-19 related hardship certain loan modifications
- Servicers are required to take certain actions at live contact depending on whether a borrower experiencing a COVID-19 related hardship is in forbearance.
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