The CFPB issued a compliance bulletin on April 1st warning mortgage servicers to take all necessary steps to prevent a wave of foreclosures this fall. The CFPB advised that beginning with the expiration of the federal foreclosure moratoriums at the end of June 2021, mortgage servicers will need ramped-up capacity to reach out and respond to the large number of homeowners requiring loss mitigation assistance. The CFPB will monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation. The Bureau is focused on preventing avoidable foreclosures.

“Servicers who put struggling families first have nothing to fear from our oversight, but we will hold accountable those who cause harm to homeowners and families,” said CFPB Acting Director Dave Uejio. Read the full compliance bulletin and policy guidance here.

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Photo of Kristine E. Kruger Kristine E. Kruger

Kristine Kruger is an experienced litigator who works closely with her clients to develop effective litigation strategies by carefully evaluating each client’s case-specific goals and business objectives. She has extensive experience representing a broad range of clients in high priority complex litigation matters…

Kristine Kruger is an experienced litigator who works closely with her clients to develop effective litigation strategies by carefully evaluating each client’s case-specific goals and business objectives. She has extensive experience representing a broad range of clients in high priority complex litigation matters, including consumer protection, product liability, environmental litigation, consumer finance, business disputes, and general commercial matters.