Agency Guidance on Mortgage Servicing for Servicemembers

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On June 21, the Fed, CFPB, FDIC, NCUA, and OCC issued guidance to mortgage servicers to address risks related to military homeowners who have informed the servicer that they have received military Permanent Change of Station orders. If the agencies determine that a servicer has engaged in unfair, deceptive, or abusive practices, or practices that otherwise violate Federal consumer financial laws and regulations, the agencies will take supervisory and enforcement actions. Guidance. Fed Release.

Topics:  Military Service Members, Mortgages, Servicing Policies

Published In: Administrative Agency Updates, Consumer Protection Updates, Finance & Banking Updates, Military Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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