CFPB and FHFA announce launch of Borrower Protection Program

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The CFPB and the Federal Housing Finance Agency (FHFA) have announced a new joint initiative, the “Borrower Protection Program.”  The initiative is intended to enable the agencies to share mortgage servicing information during the COVID-19 pandemic.

According to the CFPB’s press release, the CFPB will make complaint information and analytical tools available to the FHFA via a secure electronic interface and the FHFA will make available to the Bureau information about forbearances, modifications and other loss mitigation initiatives undertaken by Fannie Mae and Freddie Mac.

The press release quotes CFPB Director Kraninger’s statement that through the program, “the Bureau will share our insights with FHFA and ensure we get their data on how mortgage servicers are working with their customers during this critical time and going forward.”  Also quoted is FHFA Director Calabria’s statement that “[b]orrowers are entitled to accurate information about their forbearance options” and that “[t]his partnership with CFPB ensures FHFA can address misconceptions stemming from consumer complaints by working with Fannie and Freddie servicers.”

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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