On June 28, 2021, the CFPB released a final rule under RESPA that includes important protections for homeowners impacted by the COVID-19 pandemic. The rule, which takes effect August 31, 2021, imposes procedural safeguards that limit servicers' ability to initiate foreclosure through December 31, 2021. It also sets out enhanced early intervention requirements, with specific information that must be communicated through live contact attempts to delinquent borrowers until October 1, 2022. Finally, the rule clarifies when servicers must resume reasonable diligence efforts and authorizes servicers to provide certain streamlined loan modification offers based on an incomplete application. This webinar will provide an overview of the new rule.
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