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Comments due: CFPB (proposed rule; COVID-19 protections for borrowers under RESPA)

May 10

The Consumer Financial Protection Bureau (CFPB) seeks comments on proposed revisions to Regulation X, implementing the Real Estate Settlement Procedures Act (RESPA), to assist borrowers affected by the COVID-19 emergency. The aim of the proposal is to help ensure that borrowers affected by the COVID-19 pandemic have an opportunity to be evaluated for loss mitigation before the initiation of foreclosure. It would establish a temporary COVID-19 emergency pre-foreclosure review period until Dec. 31, 2021, for principal residences; temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application; and address Reg X’s early intervention and reasonable diligence obligations of mortgage servicers.

Reg lookup: Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X

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Date:
May 10
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