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Coronavirus/COVID-19 › Mortgage Servicers

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Orrick, Herrington & Sutcliffe LLP

CFPB rescinds COVID-related protections under RESPA Regulation X

Orrick, Herrington & Sutcliffe LLP on

On May 16, the CFPB published a Federal Register notice withdrawing its COVID-19-era mortgage servicing protections for borrowers. The CFPB identified two reasons for rescinding this measure: first, the rule was intended to...more

Bradley Arant Boult Cummings LLP

CFPB Rescinding the 2021 COVID-19 Mortgage Servicing Final Rule

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On May 15, 2025, the Consumer Financial Protection Bureau (CFPB) filed an interim final rule in the Federal Register that will rescind its prior 2021 COVID-19 mortgage servicing final rule. The interim final rule is set for...more

Bradley Arant Boult Cummings LLP

Updates to the Updates of FHA’s Servicing, Loss Mitigation, and Claims Processes

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At the tail end of the Biden administration, the Federal Housing Administration (FHA) published Mortgagee Letter 2025-06, which was tilted Updates to Servicing, Loss Mitigation, and Claims. The 251-page mortgagee letter...more

Venable LLP

CFPB Proposes Revamping Mortgage Servicing Rules

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The CFPB released its much-anticipated proposed update to the mortgage servicing rules last month that would make permanent many of the temporary servicing rules enacted in response to the COVID-19 pandemic. ...more

Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

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The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Ballard Spahr LLP

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic

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The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more

Cozen O'Connor

CFPB Crusade Against “Junk” Fees Continues in Examinations of Mortgage Servicers

Cozen O'Connor on

The CFPB announced that in its examination of mortgage servicers, it found that certain servicers violated truth-in-lending and other consumer protection laws designed to keep homeowners in their homes by charging homeowners...more

McGlinchey Stafford

CFPB Supervisory Highlights Reflect Continued Emphasis on “Junk Fees”

McGlinchey Stafford on

On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) released the latest edition of its Supervisory Highlights, this time targeting so-called “junk fees” in the mortgage servicing industry. According to the...more

Orrick, Herrington & Sutcliffe LLP

VA asks all mortgage servicers to pause all VA foreclosures, extends the Covid-19 Refund Modification program

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On November 17, the U.S. Department of Veterans Affairs (VA) asked all mortgage servicers to pause any foreclosure proceedings of VA-guaranteed loans, as well as extended its Covid-19 Refund Modification program through May...more

Bradley Arant Boult Cummings LLP

COVID-19 National Emergency Ends Sooner than Anticipated, Creating Risks for Mortgage Servicers

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Three years after it began, the presidentially declared COVID-19 national emergency is officially over. On April 10, 2023, President Biden signed H. J. Res. 7, officially ending the COVID-19 national emergency a month earlier...more

Bradley Arant Boult Cummings LLP

What COVID Home Equity Repayment Plan Means For Lenders | Insights & Events

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The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more

Hudson Cook, LLP

CFPB Bites of the Month - February 2023 - "Every Compliance Rose Has Its Thorns"

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In this month's article, we share some of our top "bites" for the prior month covered during the February webinar....more

Ballard Spahr LLP

Ninth Circuit holds mortgage servicer’s reporting of Covid-19 forbearance plan complied with FCRA and CARES Act

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In a win for Ballard Spahr client Specialized Loan Servicing LLC (SLS), the U.S. Court of Appeals for the Ninth Circuit recently held that SLS, a mortgage servicer, properly reported a Covid-19 forbearance plan under the...more

Bradley Arant Boult Cummings LLP

CFPB Updates Mortgage Servicing Exam Procedures

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On January 18, 2023, the Consumer Financial Protection Bureau (CFPB) released an updated version of its Mortgage Servicing Examination Manual. As the CFPB described in a corresponding blog post, the manual outlines “the types...more

Orrick, Herrington & Sutcliffe LLP

CFPB says servicers should suggest sales over foreclosures for some borrowers

Orrick, Herrington & Sutcliffe LLP on

On January 20, the CFPB encouraged mortgage servicers to advise homeowners struggling to pay their mortgages that a traditional sale may be better than foreclosure. The Bureau reported that due to the Covid-19 pandemic many...more

Bradley Arant Boult Cummings LLP

FHA Implements COVID-19 Property Charge Repayment Plan for HECM Borrowers

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On December 15, 2022, the Federal Housing Administration (FHA) issued Mortgagee Letter 2022-23, establishing the COVID-19 Home Equity Conversion Mortgage (HECM) Property Charge Repayment Plan. The COVID-19 HECM Property...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Mortgage

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to the Mortgage industry. So, what happened in 2022?...more

Bradley Arant Boult Cummings LLP

The Future of Default Servicing

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As fears of a recession grow, it would be prudent for everyone—servicers and regulators alike—to think hard about default servicing improvements and reforms. More than two years after the COVID-19 pandemic took hold of the...more

Bradley Arant Boult Cummings LLP

CFPB Releases RFI on Mortgage Servicing Rules Signaling Potential for Future Regulatory Reform

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On Thursday, September 22, 2022, the Consumer Financial Protection Bureau (CFPB) issued a new request for information (RFI) regarding mortgage servicing, potentially opening the door for much-needed regulatory reforms. The...more

Perkins Coie

CFPB’s May 2022 Mortgage Servicers Metrics Report

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On May 16, 2022, the Consumer Financial Protection Bureau (CFPB) published its second metrics report as part of its ongoing supervisory monitoring of mortgage servicers’ COVID-19 pandemic response. The data collected is part...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report on Mortgage Servicers Examines Industry Responses After Pandemic Protections End

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On May 16, the CFPB released a report examining metrics on mortgage servicers’ responses to the COVID-19 pandemic.  According to the report, homeowners are still facing significant risks and challenges in working with...more

Bradley Arant Boult Cummings LLP

Interplay of the Cares Act's Forbearance Framework and Regulation X's Loss Mitigation Rules

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On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more

Bradley Arant Boult Cummings LLP

CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Mortgage Servicing Loss Mitigation Violations

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The COVID-19 pandemic has been a focal point for the Consumer Financial Protection Bureau (CFPB) – especially with regard to mortgage servicers and loss mitigation programs. In its Fall Supervisory Highlights, the CFPB noted...more

Bradley Arant Boult Cummings LLP

Servicers That Fail to Prepare, Prepare to Fail, Warns NY AG

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In a December 13, 2021 letter to servicers, New York Attorney General Letitia James reminded servicers of their continuing obligations to assist New Yorkers amidst the pandemic and warned of enforcement actions against...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2021

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Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities - The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more

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