In a significant move for mortgage servicers and mortgage loan borrowers impacted by the COVID-19 pandemic, the CFPB recently issued an interim final rule that will, among other things, enable servicers to more easily offer a payment deferral option. The rulemaking provides specific parameters for what qualifies as a COVID-19 payment deferral and, provided that those criteria are satisfied, a servicer will be able to offer it without first collecting a complete loss mitigation application or risking a violation of Regulation X’s anti-evasion clause. This new CFPB rule will have a significant impact on the mortgage servicing industry and should help mortgage servicers of both GSE and portfolio loans
This webinar will explain what is in the CFPB’s interim final rule so that you can effectively implement a deferral option for GSE and portfolio loans alike. The webinar will also address some of the key compliance considerations for servicers implementing the new rule, and will further provide takeaways for servicers so as to ensure their operations are in line with applicable law.