WASHINGTON—The CFPB’s COVID-19 Mortgage Service Rule, first published on June 30, has now gone into effect.
Under the new temporary rule, servicers are required to assist mortgage borrowers affected by the COVID-19 pandemic by following specific procedural safeguards prior to starting foreclosure proceedings, among other changes.
The rule ensures borrowers have a meaningful opportunity to be reviewed for loss mitigation before the foreclosure proceedings begin.
Click here to learn more about the specific safeguards.
NAFCU said it also has additional information available on its compliance blog.