CFPB AND STATE REGULATORS PROVIDE ADDITIONAL GUIDANCE TO ASSIST BORROWERS IMPACTED BY COVID-19

摘要

The Consumer Financial Protection Bureau and the Conference of State Bank Supervisors have issued joint guidance to mortgage servicers to assist in complying with provisions of the CARES Act that grant a right to forbearance to consumers impacted by the coronavirus (COVID-19) pandemic. Servicers of federally-backed mortgages, such as Fannie Mae or Freddie Mac, HUD, Department of Veterans Affairs, or Department of Agriculture loans, must grant forbearance to borrowers with pandemic-related hardships that may last as long as two consecutive 180-day periods. Furthermore, additional interest, fees, or penalties beyond the amounts scheduled or calculated should be waived with no negative impact to the borrower's mortgage contract during the forbearance.