Against the backdrop of the COVID-19 pandemic and the economic stress it is imposing on residential mortgage borrowers, lenders and servicers, the Consumer Financial Protection Bureau recently released a compliance bulletin and policy guidance regarding the handling of information and documents in mortgage servicing transfers. While not specifically motivated by the COVID-19 crisis, Bulletin 2020-02 is quite timely, with the pandemic’s economic disruption likely leading to both voluntary and involuntary changes in servicers of mortgage loans. This Legal Update provides background and further detail and notes practical considerations for servicers.
Read more in Mayer Brown’s Legal Update.