Posted To: MND NewsWire

In late June the Consumer Financial Protection Bureau (CFPB) announced amendments to federal mortgage servicing regulations to “help protect mortgage borrowers from unwelcome surprises as they exit forbearance.” Those changes don’t take effect until August 31 but, with early entrants to the program nearing the end of their 18 month eligibility for forbearance, CFPB has issued what could be considered a report card on servicer performance thus far in the pandemic. CFPB surveyed 16 large servicers, looking at their call management and handling of delinquency rates. Call management reflects how well servicers are dealing with the volume of homeowner calls. This includes the Average Speed to Answer (ASA) and Abandonment Rates (AR), a measure of how many borrowers disconnect from servicing calls…(read more)

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Source: Mortgage News Daily