The Consumer Financial Protection Bureau (CFPB) published additional resources for consumers and regulated entities with respect to payment of mortgage obligations. These, along with information posted regularly to the Manatt COVID-19 page, and the useful jurisdictional analysis published by the National Mortgage Licensing System (NMLS), are useful immediate resources for both servicers and borrowers seeking information with respect to mortgage obligations. Previously, the CFPB has issued generic guidance on regulations for financial institutions with respect to COVID-19, urging lenders and servicers to address the exigent circumstances faced by borrowers. Likewise for lenders, the CFPB has eased various obligations, including quarterly reporting obligations under the Home Mortgage Disclosure Act (HMDA).
Manatt’s consumer financial services team is assisting mortgage lenders and servicers on the panoply of these issues and is available to discuss any questions lenders and servicers may have in this regard.