On April 5, 2021, the CFPB issued a blog post suggesting various communication strategies for mortgage servicers, to handle increased volume associated with the COVID-19 national emergency. Noting the CFPB’s recent Compliance Bulletin 2021-02 and Mortgage Servicing Notice of Proposed Rulemaking, the post encourages mortgage servicers to use all available tools to reach affected borrowers.
In addition to traditional techniques of mailing letters and calling borrowers, the CFPB suggests using data science to understand borrower contact preferences. Regarding communication strategies, the blog notes the following non-traditional techniques used by some servicers:
The blog post also encourages servicers to refer borrowers to the CFPB’s Interagency Housing Portal, which explains forbearance programs and other available options. The portal also has resources available in multiple languages.