Friday, July 10, 2020 / by Erik Bjorklund
A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference
of State Bank Supervisors cautions mortgage servicers about their obligations
in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act.
The Act includes provisions granting a right to forbearance to mortgaged homeowners
impacted by the COVID-19 pandemic. Under these provisions, servicers of federally-backed mortgages
including those from the GSEs Fannie Mae and Freddie Mac as well as FHA, the
VA, and USDA must grant forbearance to borrowers with pandemic-related
hardships for as long as two consecutive 180-day periods during
the National Emergency declared in response to the outbreak.
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