Loss mitigation

CFPB gives mortgage servicers relief to help struggling homeowners


A new CFPB rule will expedite the forbearance and loss-mitigation process for consumers suffering financial hardship from the pandemic.


How lenders are preparing for a wave of loan modifications


With no way of knowing just how many borrowers will need the mods after the coronavirus forbearance period ends, lenders are deploying artificial intelligence and servicing protocols to tame the ferocious piles of paperwork awaiting them.


CFPB offers templates for banks, servicers to seek 'no-action' letters


The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.


CFPB, other agencies post website for consumers seeking housing relief


The joint site describes potential strategies for both homeowners and renters economically affected by COVID-19.


CFPB gets earful from consumers about mortgage servicers


Complaints to the bureau hit an all-time high in April. More than one in five said servicers wouldn't grant deferrals, forced borrowers into forbearance or violated other requirements of the coronvavirus relief law.


State attorneys general urge FHFA, HUD to expand mortgage payment help


The bipartisan coalition of AGs said homeowners should be allowed to wait until the end of a loan term to make payments they skipped because of the coronavirus.


Senators urge oversight council to provide relief to mortgage servicers


A bipartisan group of lawmakers wrote in a letter to the Treasury secretary that the Financial Stability Oversight Council should create a liquidity facility to deal with a flood of forbearance requests brought on by the coronavirus pandemic.


Mortgage forbearance requests surged as coronavirus spread


The share of borrowers seeking payment relief rose more than tenfold as COVID-19 concerns grew and authorities encouraged the practice, according to the Mortgage Bankers Association.


FHA urges servicers to go easy on federal workers during shutdown


The agency wants mortgage servicers to extend special forbearance plans to those affected by the partial government shutdown and evaluate borrowers for loss-mitigation options.


FHA eases document requirements for reverse mortgage insurance claims


The Federal Housing Administration is making it easier for reverse mortgage servicers to submit insurance claims by expanding the types of supporting documentation it will accept on defaulted loans.