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CFPB Warns Servicers and Lenders to Adhere to CARES Act

Friday, June 5, 2020

A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Act includes provisions granting a right to forbearance to mortgaged homeowners impacted by the COVID-19 pandemic. Under these provisions, servicers of federally-backed mortgages including those from the GSEs Fannie Mae and Freddie Mac as well as FHA, the VA, and USDA must grant forbearance to borrowers with pandemic-related hardships for as long as two consecutive 180-day periods during the National Emergency declared in response to the outbreak.

 

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We appreciated how much Sara was willing to meet with us either on the phone or in person. She was a knowledgeable and caring person to help us without first home mortgage loan. Even though I had a million questions she actively listened and explained her answer. She is a magnificent person and I would love to share with family and friends our great experience with her. I definitely gave her a hug before we left the lawyers office signing for our house and thanked her for keeping this mortgage process smooth.
Josh and Laura