ABA Updates Reference Guide for Mortgage Servicing

ABA has updated its members-only reference guide for mortgage servicing, which consolidates information regarding the mortgage servicing rules in an organized, user-friendly format. The updated version includes updates based on regulations and corresponding regulatory guidance issued by the CFPB between 2016 and 2019; a new chapter on the Servicemembers’ Civil Relief Act; a new appendix outlining servicing-related CFPB supervisory highlights; and a new appendix on pandemic servicing.

The new pandemic servicing addendum covers the most recent mortgage servicing developments in response to the COVID-19 emergency. Among other things, it addresses the temporary accommodations made to mortgage servicers during the pandemic, an overview of the CFPB’s supervisory and enforcement priorities in light of the pandemic, the CARES Act forbearance/foreclosure protections and credit reporting requirements, the bureau’s two COVID-19 emergency rulemakings, and the bureau’s nine key supervisory and enforcement priorities for pandemic servicing activities.