Bradley attorney Jonathan Kolodziej was quoted in Inside Mortgage Finance on the Consumer Financial Protection Bureau’s (CFPB) requests to mortgage servicers to find out how they assisted borrowers impacted by COVID-19. The examination notices focus on how the relief programs were implemented, and how they comply with existing laws and bureau guidance.
“It’s a horizontal review, so the bureau is sending requests to a broad array of mortgage servicers to capture most consumers across the country,” said Kolodziej. “So they are hitting the largest ones particularly to try to make sure they cover the entities that are servicing the most loans.”
“The initial gathering of information is probably either over for some or getting close to being over for others, and from here there will be a kind of wait-and-see as to what the CFPB intends to continue down the process,” said Kolodziej. “But I fully expect, like a typical exam, we’ll have supplemental requests and other inquiries from the bureau.”
The original article, “CFPB Examining Servicers’ Pandemic-Related Activities, ” appeared in Inside Mortgage Finance on June 25, 2020 (login required).