Consumer Financial Protection Bureau

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CFPB makes it easier for mortgage servicers to digitize loss mitigation process amid pandemic

May 26, 2020By

Mortgage servicers will soon be able to embrace a digital loss mitigation process without fear of punishment by the Consumer Financial Protection Bureau. The CFPB announced Friday that it is issuing a “No-Action Letter Template,” which will enable mortgage servicers that are “seeking to assist struggling borrowers to avoid foreclosure and engage in loss mitigation efforts” to apply for their own no-action letter.

3d rendering of a row of luxury townhouses along a street

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