Legal Alerts/Details

New CFPB Rules Set Out Mortgage Servicer Requirements in Response to End of COVID-19 Foreclosure Moratorium

October 04, 2021
  1. The Rules do not apply to small servicers or reverse mortgage loans as defined under RESPA. The temporary safeguards also do not apply if:

    • The foreclosure is commenced on or after January 1, 2022;
    • The borrower was more than 120 days delinquent prior to March 1, 2020; or
    • The applicable statute of limitations for the foreclosure action will expire before January 1, 2022.

©2023 Snell & Wilmer L.L.P. All rights reserved. The purpose of this publication is to provide readers with information on current topics of general interest and nothing herein shall be construed to create, offer, or memorialize the existence of an attorney-client relationship. The content should not be considered legal advice or opinion, because it may not apply to the specific facts of a particular matter. As guidance in areas is constantly changing and evolving, you should consider checking for updated guidance, or consult with legal counsel, before making any decisions.
One East Washington Street | Suite 2700 | Phoenix, AZ 85004
The material in this newsletter may not be reproduced, distributed, transmitted, cached or otherwise used, except with the written permission of Snell & Wilmer.