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Financial Services Law Insights and Observations

Maryland issues industry advisory to mortgage servicers

State Issues Covid-19 Maryland Mortgages

State Issues

On March 24, the Maryland Commissioner of Financial Regulation issued an industry advisory to mortgage servicers. The Commissioner strongly urges all Maryland-licensed mortgage servicers to take reasonable steps immediately to mitigate the impact of this crisis on their customers. Such steps may include, among others specified in the guidance, waiving late fees and online telephone payment fees, foregoing credit reporting during the health emergency or reporting payment information to credit reporting agencies in a manner that minimizes the impact of delinquent payment on borrowers’ credit histories, offering forbearance or other options to allow borrowers to defer payments, and reaching out to borrowers proactively to provide information on available assistance. The advisory also reminds servicers that all foreclosures of residential properties and the evictions in Maryland have been stayed in accordance with an order issued on March 18, 2020.

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