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CFPB TELLS LENDERS THAT THERE WILL BE A “TIDAL WAVE”
With the federal foreclosure moratorium expiring in June, the Consumer Financial Protection Bureau (CFPB) says that mortgage servicers should gear up for an expected surge in homeowners needing assistance.
With millions of homeowners currently in forbearance, the CFPB Acting Director Dave Uejio issued a warning to lenders that, “There is a tidal wave of distressed homeowners who will need help from their mortgage servicers in the coming months. Responsible servicers should be preparing now. There is no time to waste, and no excuse for inaction. No one should be surprised by what is coming…”
Will mortgage lenders heed this warning and dedicate sufficient resources and staff ahead of the coming surge in borrowers needing help? Will lenders help prevent the next foreclosure crisis?
