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ABA: The American Bankers Association
Compliance News

ABA Issues FAQs on Reg X COVID-19 Rules

ABA has published a set of FAQs about the CFPB’s amended Regulation X mortgage servicing rules intended to assist borrowers affected by COVID-19. The rule is effective Aug. 31 and temporarily permits mortgage servicers to offer certain loan modifications to borrowers experiencing a COVID-19-related hardship.

The FAQs include information about portfolio mortgages, temporary procedural safeguards and early intervention requirements. For more information, contact ABA’s Teshale Smith.