The COVID Project
The record
- Jurisdiction
- United States
- Level
- Federal
- Authority
- Supervisory statement on 12 C.F.R. part 1024 (Regulation X)
- Issued
- 2020-04-03 Apr. 3, 2020
- Effective
- 2020-04-03
- End
- rescinded Nov. 10, 2021 (post-period) (read as 2021-11-10)
- In force
- Apr. 3, 2020 to Nov. 10, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- Functions reached
- SV (forbearance intake, early intervention, loss mitigation communications)
- CC
- Collection
- Financial Services SEC-13
Operative words
Under the CARES Act, such borrowers experiencing a financial hardship due, directly or indirectly, to the COVID-19 emergency, may request a forbearance by submitting a request to their mortgage servicer and affirming that they are experiencing a financial hardship during the COVID-19 emergency. In response, under the CARES Act, servicers must provide a forbearance that allows borrowers to defer their mortgage payments for up to 180 days and possibly longer... Servicers may not require any additional information from the borrower before granting a CARES Act forbearance.
Enforcement
Supervisory and enforcement discretion; restates the CARES Act's mandatory forbearance
Notes
The agencies' own statement that 'the current crisis could pose temporary business disruptions and challenges for mortgage servicers, including staffing challenges.'