Hear directly from the CFPB about mortgage servicing in the COVID-19 era, including how the leadership transition is affecting the CFPB’s priorities and approach. From a webinar on March 3, Bradley hosted a Q&A session with Allison Brown of the CFPB's Office of Supervision Policy to discuss the CFPB’s supervisory expectations as the industry grapples with CARES implementation and other challenges arising from the coronavirus crisis.
As Deputy Assistant Director for Servicing in the Office of Supervision Policy — the unit that sets policy for CFPB examiners across the country — Allison has deep experience with mortgage servicing issues and has been at the CFPB since its early days. She is a leader within the CFPB's supervision function on policy issues relating to mortgage servicing and works closely with enforcement, rulemaking, and other bureau offices on servicing issues.
- It’s likely the CFPB will soon be rescinding certain previously issued policy statements that provided servicers with some CFPB examination and enforcement relief for good faith compliance efforts related to certain mortgage servicing requirements.
- Servicers should be mindful of CFPB scrutiny related to requiring borrower signatures to enter into a COVID-19 forbearance.
- Servicers should also be mindful of CFPB scrutiny related to mortgage servicers expressly stating, or even implying, that a borrower will have to pay back the missed payments during a forbearance as a lump sum payment.