Insights from the CFPB on Impacts of COVID-19
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On August 10, 2021, the Consumer Financial Protection Bureau (CFPB or “Bureau”) released observations from COVID-19 pandemic data from sixteen of the largest US bank and nonbank mortgage servicers.
The purpose of the analysis was to identify areas of risk for borrower harm as servicers respond to the pandemic and higher volumes of borrowers exiting forbearance plans. The data was obtained for the period from December 2020 to April 2021 for seventeen million loans, consisting of thirteen million (77%) federally backed loans and 3.5 million (23%) private loans.
Learn about CFPB’s main observations and what BRG’s Financial Institution Advisory practice suggests servicers do to improve and tackle challenges or outliers identified through the CFPB’s comparison data.
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