Flooding, fire, drought, and other climate risks have always been a danger to property and safety. However, with the changing climate, these risks are increasing, impacting the probability of damage, cost of utilities, price of insurance, and potential resale value of homes.
This week, we filed a friend-of-the-court brief to protect borrowers' rights under federal law to obtain vital information about their mortgage loans from servicers.
As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices.
Far too many minority households and businesses continue to lack fair and equitable access to credit. Federal agencies encourage lenders to explore use of special purpose credit programs to better serve historically disadvantaged individuals and communities.
If you’re a homeowner struggling to make housing-related payments due to the pandemic, help is available or coming soon
There is help for homeowners financially affected by the COVID-19 pandemic. The Homeowner Assistance Fund (HAF) is a federal program that provides aid to states, Tribes, and territories to assist homeowners with housing-related costs. Learn how to sign up for more information or apply for assistance.
New analysis in our Making Ends Meet survey series shows that consumers’ finances improved during the pandemic as pandemic policies kept consumers who lost their jobs from suffering financial hardship. But some pandemic-related flexibilities and forbearance programs failed to reach many consumers facing hardship.
Seven examples of unfair practices and other violations by mortgage servicers: CFPB supervision activities uncover red flags
A review of our 2021 supervision activities revealed unfair acts and practices, and other violations, by mortgage servicers. Here’s what to be aware of and how to find the resources you need if you’re struggling to make your mortgage payments.
If you have an adjustable-rate mortgage, reverse mortgage, HELOC, student loan, or credit card, your interest rate may be based on the LIBOR index, which is being discontinued. Here’s how to stay vigilant of changes to your index.
Deadline to request initial forbearance for HUD/FHA, USDA, or VA backed loans is extended until National Emergency ends
If you have a mortgage backed by HUD/FHA, USDA, or VA and are struggling to make payments due to the pandemic, you can request initial forbearance anytime during the COVID-19 National Emergency.
New rule ensures mortgage servicers provide options to potentially vulnerable borrowers exiting forbearance
Effective August 31, a new rule amending Regulation X aims to ensure eligible borrowers have a meaningful opportunity for loss mitigation after exiting mortgage forbearance programs.
Mientras las protecciones expiran, la nueva normativa para la administración hipotecaria busca reducir las ejecuciones que sean evitables
En efecto desde el 31 de agosto del 2021, la nueva normativa les exige a los administradores hipotecarios ofrecerles a los propietarios, oportunidades reales para evitar el “foreclosure” y mantenerse en sus viviendas, mientras algunos programas federales de aplazamiento comienzan a expirar.
Effective August 31, 2021, a new rule requires mortgage servicers to provide meaningful opportunities for homeowners to avoid foreclosure and keep their homes as certain federal forbearance programs begin to expire.
As part of CFPB’s continued effort to combat housing insecurity and promote racial equity, the Bureau is partnering with the Department of Housing and Urban Development to lead a tech sprint on post-pandemic housing challenges. We are asking participants to develop innovative digital tools to raise visibility of housing assistance resources focused on alleviating challenges faced by those with housing insecurity and aiding the connection of housing insecure households and the small landlords that serve them to those providing aid.
The federal foreclosure moratoria are set to expire July 31st, and lenders and mortgage servicers can start foreclosing on homes as soon as August 1st. Homeowners who are behind on their mortgages must act now to save their homes.
A joint fraud advisory from the CFPB and VA on how to avoid common VA home loan scams.
This post is the second in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Since July 2020, consumers have transitioned out of assistance to varying degrees across all credit products, but a significant share of mortgage borrowers continue to receive assistance.
Our digital toolkit provides media, intermediaries, and other stakeholders with the latest information and resources to help educate struggling renters and mortgage borrowers of their protections and relief options.
Challenging the Model Minority Myth: A closer look at Asian American and Pacific Islanders in the mortgage market
This analysis investigates how characteristics of mortgages, borrowers, and lenders vary across AAPI subgroups, based on the 2020 Home Mortgage Disclosure Act (HMDA) data.
We have temporarily updated our rule for most mortgage servicers to require them ─ when they reach out to borrowers who are behind on their loans or in forbearance ─ to tell borrowers about their options to avoid foreclosure. Learn why you should contact your mortgage servicer if you’re struggling to make your payments.
We continue to monitor the market to assess new and developing risks to consumers, and we share updated charts from our report that show an improving economic picture, yet sustained housing insecurity risk.
New Bureau research examines consumer credit trends through April 2021, finding little increase in delinquencies on credit cards, auto loans, mortgages, and student loans during COVID-19. Delinquency rates also remain lower than pre-pandemic levels, likely as a result of public and private interventions.
In this blog, we explain the data source and analytical approach, as well as key findings from the report ‘A Brief Note on General Lending Patterns of Small to Medium Size Closed-end HMDA Reporters’
Innovation and collaboration: Tech sprints support improvements in consumer notifications and data collection and processing
I’m pleased to release the results from our first tech sprints, which sought to identify innovations and improvements in the way lenders notify consumers of adverse credit actions, as well as how we collect and process home mortgage data.
The COVID-19 pandemic is presenting one of the biggest challenges to the mortgage servicing industry since the Great Recession. There are an estimated 3 million delinquent loans, including more than 2 million loans in long-term forbearance. The Bureau is closely monitoring how servicers are handling the increased volume and emphasizes the importance of good communication especially at a time when so many homeowners are distressed. The Bureau also encourages servicers to use all available tools to reach struggling homeowners.
The CFPB was born out of the 2008 financial crisis to protect the economically vulnerable. During COVID-19 and the resulting economic crisis, we’re doubling down on that commitment. Learn how the CFPB is using our tools to protect consumers facing housing insecurity.