CFPB Issues CARES Act Forbearance Guidance

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Consumer Financial Protection Bureau (CFPB) and the Conference State Bank Supervisors issued joint guidance to mortgage servicers clarifying the forbearance provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act.Section 4022 of the CARES Act permits a borrower with a federally backed mortgage loan who is experiencing a financial hardship due to COVID–19 to request forbearance from his or her lender. Upon receiving the borrower’s attestation regarding his or her financial hardship, lenders and servicers are required to grant forbearance for up to 180 days regardless of delinquency status. The joint guidance seeks to clarify observed or anticipated actions by mortgage servicers concerning this provision.The statutory language allows for a forbearance period of “up to” 180 days. Servicers can grant forbearance for less than 180 days at a borrower’s request or with a borrower’s consent. If a borrower and servicer cannot agree on an appropriate forbearance term or servicer cannot reach the borrower due to the circumstances, servicers must default to the term requested by the borrower or 180 days.Borrowers do not need to prove financial hardship to qualify for forbearance. The exclusive requirement for forbearance under the CARES Act is the borrower’s attestation of hardship. Accordingly, servicers may not require information supporting the need for forbearance, but they may work with borrowers to better understand their financial situation as long as borrowers are not misled or dissuaded from seeking forbearance and any information obtained does not affect the servicer’s forbearance.Additionally, servicers and originators cannot refuse to provide forbearance if requested in accordance with the CARES Act Examiners will evaluate communications between borrowers and their servicers or originators to see if servicers attempted to steer borrowers away from requesting CARES Act forbearance.Examiners will review mandatory closing attestation to see if originators are requiring statements from borrowers designed to dissuade them from later requesting CARES Act forbearance. About Author: Seth Welborn Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Market Studies, News Previous: Fed: No Change in Interest Rates Until Economy Recovers Next: Addressing the Widening Housing Gap Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago CFPB Issues CARES Act Forbearance Guidance June 10, 2020 1,966 Views center_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily Home / Daily Dose / CFPB Issues CARES Act Forbearance Guidance Tagged with: Forbearance mortgage Data Provider Black Knight to Acquire Top of Mind 2 days ago Forbearance mortgage 2020-06-10 Seth Welborn Subscribelast_img read more

Dillon Maggard Earns 1st Team All-American Honors

first_img Tags: All-American/Cierra Simmons/Dillon Maggard/Utah State Track and Field Written by FacebookTwitterLinkedInEmailEUGENE, Ore.-Friday, as his collegiate career concluded, Utah State’s Dillon Maggard became an All-American for the 9th time by placing sixth in the 5000-meter run in a time of 13:57.40.He is a first-team All-American and also placed third in the 10,000-meter run earlier this week.Maggard’s heroics are a key reason why the Aggie men placed 18th overall in the standings, their best finish in the NCAA outdoor track and field championships since 2001, when they also placed 18th.The decorated Maggard has amassed five first-team All-American accolades during this athletic season as he earned one the previous fall in cross country an two more during the indoor track and field season this past winter.The final Utah State track and field athlete to compete at this championship event is women’s 3000-meter steeplechase competitor Cierra Simmons and she will compete Saturday afternoon. June 9, 2018 /Sports News – Local Dillon Maggard Earns 1st Team All-American Honors Brad Jameslast_img read more