CFPB Issues 2021 Mortgage Servicing COVID-19 Final Rule

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On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) issued the 2021 Mortgage Servicing COVID-19 Final Rule. Effective Aug. 31, 2021, the rule amends certain Regulation X Mortgage Servicing early intervention and loss mitigation requirements. The rule establishes procedural safeguards for mortgage servicers that help borrowers explore foreclosure alternatives, such as loan modifications or home sales.

For the Rule’s specifics, please refer to the CFPB’s press release, final rule, and executive summary.

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