CFPB updates mortgage servicing exam procedures

The Consumer Financial Protection Bureau released updated mortgage servicing examination procedures for use by CFPB examiners.

Details: The updates:

  • Cover forbearances and other tools that mortgage servicers have used during the COVID-19 emergency, with the CFPB saying it expects servicers to continue to utilize all the tools at their disposal to keep consumers in their homes.

  • Integrate focus areas from Supervisory Highlights findings, including further questions about fees that servicers charge borrowers.

  • Advise examiners to seek information on how servicers communicate with borrowers about homeowner assistance programs.