Consumer Finance Group Proposes Keeping Pandemic-Era Mortgage Protections

The Consumer Financial Protection Bureau (CFPB) issued a new rule proposal on July 10 which would expand homeowner protections that were first implemented during the pandemic. The CFPB said the rule is aimed at making it easier for homeowners struggling with mortgage payments to receive assistance, seeking to shift the focus of mortgage servicers from foreclosure to providing help, reducing paperwork, and improving communication with borrowers. The proposal is open for public comment through Sept. 9. CFPB Director Rohit Chopra touted the benefits of the proposed changes in an accompanying press release. “When struggling homeowners can get the help they need without unnecessary obstacles, it is better for borrowers, servicers, and the economy as a whole,” he said. “The CFPB’s proposal would reduce avoidable foreclosures and make the mortgage market more resilient during future crises.”...