Bradley attorney Jonathan Kolodziej was quoted in Inside Mortgage Finance on the compliance challenges that mortgage servicers are facing due to COVID-19. Servicers have been inundated with requests for forbearance and other mortgage payment relief since President Trump signed the $2.2 trillion stimulus bill that allows certain borrowers to request payment deferment from their mortgage servicers.
“Obviously there are influxes of requests and capacity issues but having [a compliance] framework in place would put somebody in a huge advantage,” said Kolodziej. “Somebody who is caught off guard would have a hard time catching up given that we are at a time period with limited resources and workforces.”
“Additional guidance from the bureau that makes clear what the obligations are and when those obligations apply would be very helpful,” he added
The original article, “Servicers Swamped with Calls for Mortgage Forbearance,” was published in Inside Mortgage Finance on April 2, 2020. (Login required.)