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The Consumer Financial Protection Bureau is warning mortgage servicers that they’re expected to help the surge of struggling homeowners in the pandemic and explore options other than foreclosure.
“Responsible servicers should be preparing now,” CFPB Acting Director Dave Uejio said in a statement. “There is no time to waste, and no excuse for inaction.”
When the federal foreclosure moratoriums expire at the end of June, the CFPB says mortgage servicers should brace for a flood of homeowners reaching out for assistance.
In particular, the consumer agency says it will pay attention to how well all servicers are working with borrowers and preventing…