The Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors (CSBS) have issued joint guidance to help mortgage servicers comply with CARES Act forbearance provisions.
Servicers of federally-backed mortgages must grant forbearance to borrowers with pandemic-related hardships that may last as long as a year. But how the CARES Act relates to rules or guidelines from regulators might not always be clear.
Read on for details from the CFPB and CSBS.
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