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The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. Millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency mortgage protections expire this summer and fall. Servicers should dedicate sufficient resources and staff now to ensure they are prepared for a surge in borrowers needing help. The CFPB will closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation. The CFPB will consider a servicer’s overall effectiveness in helping consumers when using its discretion to address compliance issues that arise.

On December 7, 2020, the Consumer Financial Protection Bureau (Bureau) filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper (Nationstar).

The Consumer Financial Protection Bureau issued a notice of proposed rulemaking that would amend Regulation Z to provide a new exemption available to certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.

The Consumer Financial Protection Bureau (Bureau) issued today an interim final rule (IFR) that will make it easier for consumers to transition out of financial hardship caused by the COVID-19 pandemic and easier for mortgage servicers to assist those consumers.

The Consumer Financial Protection Bureau took steps to facilitate the transition away from LIBOR for consumers and regulated entities.

The Consumer Financial Protection Bureau settled with Specialized Loan Servicing, LLC (SLS), a mortgage-loan servicer in Colorado.

The Consumer Financial Protection Bureau today outlined practices to provide mortgage servicers clarity, facilitate compliance, and prevent harm to consumers during the transfer of residential mortgages.

The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) announced the Borrower Protection Program (the Program), a new joint initiative that enables CFPB and FHFA to share servicing information to protect borrowers during the coronavirus national emergency.

The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency.

The Consumer Financial Protection Bureau (Bureau) released today a report examining the differences between large and small mortgage servicers. The report explores the role servicers of different sizes play in the mortgage market where size is defined by the number of loans serviced.

The Consumer Financial Protection Bureau (Bureau) issued today an interpretive rule clarifying screening and training requirements for financial institutions which employ loan originators with temporary authority. The rule will be effective on November 24, 2019.

The Consumer Financial Protection Bureau (Bureau) today announced a settlement with BSI Financial Services (BSI), a mortgage servicer headquartered in Irving, Texas. BSI Financial Services is the operating name for Servis One, Inc.

Consumer Financial Protection Bureau Publishes Assessments of Ability-to-Repay and Mortgage Servicing Rules.

Joint release with the Federal Reserve Board of Governors.

The Bureau of Consumer Financial Protection (Bureau) today released its 17th edition of Supervisory Highlights.

Update Will Provide More Clarity Regarding Closing Cost Increases.

The Consumer Financial Protection Bureau (Bureau) today issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule.

Bureau Also Seeks Comment on Separate Proposed Rule Modifying Timing Requirements for Bankruptcy Periodic Statements.

Report Discusses Current Approaches and Business Case for Diversity and Inclusion.

Mortgage Servicer’s Widespread Errors, Shortcuts, and Runarounds Cost Borrowers Money, Homes.

Today the Bureau is filing a lawsuit against Ocwen, one of the nation's largest nonbank mortgage servicers. We are seeking relief to compensate consumers...

Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork.

Thank you for having me today. Over the past five years, the Bureau and the Mortgage Bankers Association have each been working in our own ways to revive a...

The Bureau today finalized new measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The updated rule...

CFPB Releases Special Edition of Supervision Highlights and Updates Mortgage Servicing Exam Procedures.