The Consumer Financial Protection Bureau (CFPB) is warning servicers that it is ramping up enforcement and will be specifically watching how servicers manage borrowers coming out of forbearance.
In a Thursday compliance bulletin, the CFPB said it will monitor how servicers work to prevent a wave of foreclosures from occurring this fall. “Unprepared is unacceptable,” the Bureau said. The CFPB will closely monitor how servicers engage with borrowers, respond to borrower requests and process applications for loss mitigation.
“There is a tidal wave of distressed homeowners who will need help from their mortgage servicers in the coming months. Responsible servicers should details ⇒
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