Consumer Finance Law – COVID-19 Year in Review

The year 2020 was a tumultuous one given the unexpected COVID-19 pandemic, particularly for the mortgage lending and servicing industry. In response to sudden stay-at-home orders and a sharp drop in employment rates, federal and state policymakers moved quickly to offer financial relief to consumers and borrowers. While facing their own pandemic-induced operational hardships, mortgage lenders and servicers swiftly adjusted their business plans to adopt mortgage forbearance requirements and react to foreclosure moratoriums provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Balancing new regulatory requirements and a significant uptick in consumer demands kept lenders and servicers on their toes.

While much of the relief provided under the CARES Act is expected to unwind over the next year, lenders and servicers should buckle up for increased regulatory enforcement under the Biden administration and the Consumer Financial Protection Bureau (CFPB). Additionally, given that foreclosure moratoriums will likely soon be lifted, litigation is expected to make a comeback in 2021 and beyond.

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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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