Start Date: 8/16/2021 1:00 PM MDT
End Date: 8/16/2021 2:30 PM MDT
On June 28, 2021, the CFPB issued a final mortgage servicing rule which includes enhanced foreclosure protections for borrowers affected by the COVID-19 pandemic. The provisions apply to closed-end residential mortgage loans secured by the borrower’s principal residence. Due to the time-sensitive wave of borrowers expected to soon exit forbearance programs, the rapidly approaching effective date is August 31, 2021. It is imperative that your institution is prepared to implement these changes quickly to provide relief to mortgage borrowers facing hardship!
Although the five key amendments to Regulation X generally exempt small servicers, it is important to understand these changes because borrowers will expect the same meaningful opportunity to explore ways to avoid foreclosure from all mortgage servicers. The message from the regulators has been clear – it is important for institutions to work with borrowers during the pandemic. Join us to learn about the final rule and the mortgage servicing requirements applicable to small servicers.
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