CFPB Proposes changes to Mortgage Servicing Loss Mitigation Rules to Prevent Another Financial Crisis and help million of borrowers needing assistance
Millions of homeowners expected to exit forbearance in the coming months
The CFPB’s proposal, if finalized, would:
- Give borrowers time
- Give servicers options
- Keep borrowers informed of their options
Millions of families are at risk of losing their homes: As of February 2021, there were nearly 3 million homeowners behind on their mortgages, with an estimated 2.1 million mortgages in forbearance and at least 90 days delinquent. If current trends continue there may be 1.7 million such loans in September 2021.
One key focus area is the compliance bulletin on April 01, 2021 warning about the consequences of unpreparedness’.
Most mortgage servicers still rely on rudimentary excel based reporting which is extremely difficult to keep track of, especially when regulations are changing.
Today, we have technologies which can provide the required agility, and helps mortgage servicing companies comply with rapidly changing regulatory environment.
Invati advises mortgage servicers on how you can leverage modern technologies to stay compliant while being agile. Contact Us for more information on how we help address this and other changes in regulations.
