CFPB Eyes Making Pandemic-Era Mortgage Protections Permanent (1)

Some protections aimed at keeping struggling borrowers in their homes adopted during the Covid-19 pandemic would become permanent under a new proposal from the Consumer Financial Protection Bureau.

Mortgage servicers would have to make more strenuous efforts to restructure mortgages or provide other assistance before moving a homeowner who has fallen behind on their payments into foreclosure under the CFPB’s plan. It would also limit fees a servicer can charge a borrower while reviewing assistance options, in a bid to push quick action on mortgage assistance, the CFPB said in a Wednesday announcement.

The proposal also intends to improve ...