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Financial Services Law Insights and Observations

CFPB and FHFA announce Borrower Protection Program

Federal Issues CFPB FHFA Consumer Protection Forbearance Fannie Mae Freddie Mac FHLB Mortgages Mortgage Servicing CARES Act Covid-19

Federal Issues

On April 15, the CFPB and the Federal Housing Finance Agency (FHFA) announced the launch of the joint Borrower Protection Program to address mortgage servicer performance during the Covid-19 emergency. The two regulators will share information about how responsive mortgage servicers are to requests for assistance from consumers who are not able to keep current on monthly mortgage payments. Under the program the CFPB will provide complaint and analytical tool information to the FHFA, which in turn will share loss mitigation data on mortgage servicers with the CFPB. Through the Borrower Protection Program, the CFPB and FHFA hope to combat confusing or misleading information from loan servicers to borrowers about their options, including forbearance, as prescribed in the CARES Act.

For more InfoBytes coverage on loan forbearance under the CARES Act, click here.

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