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Fannie/Freddie Regulator and CFPB Agree Will Share Mortgage Servicing Info
Wednesday, April 15, 2020
The Federal Housing Finance Agency (FHFA) and the
Consumer Financial Protection Bureau (CFPB) have made arrangements to share
information during the COVID-19 national emergency. CFPB is a big portal for
and repository of consumer complaints about providers of financial services and
has agreed to make that information as it relates to mortgage servicers along
with appropriate analytical tools to FHFA available. In turn, the conservator
and regulator of the GSEs Fannie Mae and Freddie Mac will provide information
to the Bureau about forbearances, modifications and other loss mitigation
initiatives undertaken by servicers of GSE loans.
The GSEs have instructed servicers to
enter into forbearance agreements with borrower encountering financial hardship
due to the pandemic. These agreements allow borrowers to pause or reduce their
mortgage payments although those amounts must ultimately be paid back. Mortgage
servicers are responsible for working with borrowers to set up a repayment plan
that works for both parties.
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