Bradley attorney Mike Gordon was quoted in Bankrate on the changes mortgage firms can expect under the new administration. As the coronavirus crisis continues there’s new evidence that lenders didn’t perform flawlessly as they rolled out forbearance programs. David Uejio, acting director of the CFPB, said some mortgage servicers failed to follow the law and misinterpreted the lenient guidelines in the CARES Act. Uejio promised that the federal agency will pursue servicers that improperly applied forbearance guidelines, and regulatory experts expect the CFPB to do so much more assertively under Biden than it did when President Donald Trump was in the White House.
“We’re about to see a very sharp shift in tone and approach,” said Gordon.
The original article, "Some Mortage Companies Misled Borrowers About Forbearance, Regulators Say," appeared in Bankrate on February 2, 2021.