The Federal Reserve Board, CFPB, FDIC, OCC, National Credit Union Administration and state financial regulators alerted mortgage servicers that they will resume their respective pre-pandemic supervisory and enforcement approaches towards noncompliance with mortgage-servicing rules.
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In a revised interagency statement, banking regulators clarified certain accounting and reporting factors under the Coronavirus Aid, Relief, and Economic Security Act.
The CFPB, Federal Reserve Board, FDIC, National Credit Union Administration and OCC clarified their compliance expectations for mortgage servicers on consumer communication requirements during the pandemic.
The CFPB highlighted several relief options for consumers who are unable to pay their mortgages due to financial hardships caused by COVID-19.
Federal and state banking regulators encouraged financial institutions to work with borrowers who may not be able to satisfy their financial obligations due to the outbreak of COVID-19.