On Wednesday, a bevy of regulators issued a joint statement that they were ending COVID flexibilities for servicers and would resume full supervisory and enforcement practices.
On Wednesday, a bevy of regulators, including the Board of Governors of the Federal Reserve, the CFPB, FDIC, NCUA, OCC and state financial regulators, issued a joint statement that they were ending COVID flexibilities for servicers and would resume full supervisory and enforcement practices.
Fair enough — business is back to normal in many ways and it seems reasonable to move forward at this time.
But a separate statement from CFPB Director Rohit Chopra on the topic does raise some concerns. "Failures by mortgage servicers and regulators worsened the impact of the economic crisis a decade ago. Regulators have learned their lesson, and we will be scrutinizing servicers to ensure they are doing all they can to help homeowners and follow the law."
This is not 2008 and servicers have evolved quite a bit since then. In fact, in the last 18 months, servicers have helped millions of borrowers successfully navigate and exit forbearance despite myriad pandemic challenges, something that only happened through a herculean effort to deploy staff and technology in record time.
Hopefully that's a lesson regulators are also willing to learn.
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