News & Analysis as of

Mortgages › Loss Mitigation › Coronavirus/COVID-19

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Bradley Arant Boult Cummings LLP

Veterans Affairs Ending Mortgage Rescue Program

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On April 3, 2025, the U.S. Department of Veterans Affairs (VA) announced it will end the Veterans Affairs Servicing Purchase (VASP) program on May 1, 2025. This decision comes just shy of one year since the program’s...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

Orrick, Herrington & Sutcliffe LLP

FHA reminds servicers of available HAF financial assistance

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On March 24, FHA reminded servicers about their obligation to inform distressed homeowners about the availability of financial assistance for FHA-insured mortgages, including single-family forward mortgages and home equity...more

Orrick, Herrington & Sutcliffe LLP

FHA expands Covid-19 loss mitigation options

Orrick, Herrington & Sutcliffe LLP on

On February 13, HUD issued Mortgagee Letter 2023-03, which makes technical corrections to Mortgagee Letter 2023-02 issued in January that expanded and enhanced loss mitigation options for borrowers struggling to make payments...more

Buchalter

CFPB Publishes Information Request Concerning Making COVID Mortgage Foreclosure/Loss Mitigation Relief Rules Permanent

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On September 27, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Mortgage Refinances and Forbearances. The Request indicates that the CFPB is considering making the COVID...more

Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Bradley Arant Boult Cummings LLP

HUD Announces New COVID-19 Recovery Loss Mitigation Options

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In a bid to avoid a wave of COVID-19-related foreclosures, the Department of Housing and Urban Development (HUD) published Mortgagee Letter 2021-18 to lenders and servicers on July 23, 2021, that will allow borrowers with...more

Goodwin

CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

Goodwin on

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary...more

Bradley Arant Boult Cummings LLP

Detailed Breakdown of the CFPB’s COVID-19 Mortgage Servicing Final Rule

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With the release of the Consumer Financial Protection Bureau’s COVID-19 mortgage servicing final rule and an August 31, 2021, effective date that will be here before we know it, the race is on for servicers to digest the...more

K&L Gates LLP

COVID-19: CFPB's Proposed Mortgage Servicing Amendments Add Loss Mitigation Protections for Borrowers and Signal Heightened...

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On 5 April 2021, the Consumer Financial Protection Bureau (CFPB) solicited comments on proposed amendments to Regulation X, which amendments are intended to assist mortgage borrowers impacted by the COVID-19 pandemic. Though...more

Sheppard Mullin Richter & Hampton LLP

CFPB April 5 Announces Foreclosure Restriction and Additional Loss Mitigation Requirements

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On April 5, the Consumer Financial Protection Bureau (“CFPB”) proposed amendments to Regulation X with the effect of preventing foreclosure on certain residential mortgage loans until January 1, 2022. With a proposed...more

Goodwin

CFPB Proposes Mortgage Servicing Changes; Supreme Court Weighs in on TCPA

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In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more

Perkins Coie

CFPB Warns Mortgage Servicers: Unprepared is Unacceptable

Perkins Coie on

The CFPB issued a compliance bulletin on April 1st warning mortgage servicers to take all necessary steps to prevent a wave of foreclosures this fall. The CFPB advised that beginning with the expiration of the federal...more

Bradley Arant Boult Cummings LLP

GSE Deferral Programs Continue to Pose Risk for Mortgage Servicers

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In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of violating some of the Consumer Financial Protection Bureau’s (CFPB) Mortgage...more

American Conference Institute (ACI)

[Virtual Event] 27th NATIONAL FORUM ON Residential Mortgage Regulatory Enforcement & Litigation - November 17th - 18th, 9:00 am -...

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ACI’s Residential Mortgage Forum is a premier gathering of leading servicers, lenders, external counsel, and regulators engaging in dialogue on how to navigate the very complex residential mortgage enforcement and litigation...more

Bradley Arant Boult Cummings LLP

Mortgage Servicing in the Age of COVID-19: Post Forbearance

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On page 8 of the September–October issue, we discussed the COVID-19 forbearance landscape and related compliance challenges for mortgage servicers. In this article, we unpack the post-forbearance world, focusing on the...more

Ballard Spahr LLP

HUD Addresses FHA COVID-19 Loss Mitigation Options

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In Mortgagee Letter 2020-22, dated July 8, 2020, the U.S. Department of Housing and Urban Development (HUD) addresses the COVID-19 Loss Mitigation Options for FHA Title II single-family, forward mortgage loans. ...more

Akerman LLP

CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Impacted by the Pandemic

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On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule permitting mortgage servicers to offer certain loss mitigation options based on the evaluation of an incomplete loss mitigation...more

Morgan Lewis - All Things FinReg

CFPB Issues Interim Final Rule Regarding Loss Mitigation Options for Homeowners Impacted by COVID-19

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The Consumer Financial Protection Bureau (CFPB or Bureau) issued an interim final rule (IFR) on June 23, 2020 that temporarily permits mortgage servicers to offer to borrowers impacted by the coronavirus (COVID-19) pandemic...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

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In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Ballard Spahr LLP

CFPB Issues Mortgage Loan Loss Mitigation Interim Final Rule Based on COVID-19

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On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) posted on its website an interim final rule that creates a temporary exception to certain loss mitigation obligations of mortgage loan servicers under...more

Davis Wright Tremaine LLP

CFPB Amends Regulation X to Account for COVID-19-Related Mortgage Relief

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On June 23, 2020, one week before the July 1, 2020, deadline for mortgage servicers to begin offering mortgage relief for Fannie Mae and Freddie Mac loans exiting CARES Act forbearance, the Consumer Financial Protection...more

Bradley Arant Boult Cummings LLP

CFPB Issues Interim Final Rule to Enable COVID-19 Payment Deferral Options

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On May 14, 2020, shortly after the Fannie Mae and Freddie Mac COVID-19 payment deferral options were announced, we warned mortgage servicers about the legal risks associated with offering payment deferral programs to...more

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