April 5, 2021, the Consumer Financial Protection Bureau (CFPB) issued proposed rules to revise several provisions of Regulation X related to mortgage servicing because of the Covid-19 pandemic. The purpose of the proposed rules is to help prevent foreclosures as the emergency federal foreclosure protections expire. With these proposed rules, the CFPB aims to: 1) give borrowers time, 2) give servicers options, and 3) keep borrowers informed of their options. If adopted, these proposed rules will be effective August 31, 2021.
Press Release
Proposed Rule
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