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CFPB Attempts to Clarify Servicer Credit Reporting Requirements

Friday, July 10, 2020   /   by Erik Bjorklund

CFPB Attempts to Clarify Servicer Credit Reporting Requirements

There has apparently been
considerable confusion regarding servicer obligations to report to credit
agencies regarding loans in forbearance. The original guidance issued to
servicers by the GSEs Fannie Mae and Freddie Mac in mid-March regarding the
COVID-19 emergency instructed them "to suspend reporting the status of a
mortgage loan to credit bureaus during an active forbearance plan, or a
repayment plan or Trial Period Plan where the borrower is making the required
payments as agreed, even though payments are past due, as long as the
delinquency is related to a hardship resulting from COVID-19."

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