CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Recovering from Pandemic-Related Financial Hardships

June 23, 2020

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The CFPB issued an interim final rule, effective July 1, to make clear that servicers do not violate Regulation X by offering certain COVID-19-related loss mitigation options based on an evaluation of limited application information collected from the borrower, and provides that the loss mitigation option must meet certain criteria to qualify for an exception from the typical requirement to collect a complete application.

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