In order to protect borrowers during the coronavirus national emergency, the Consumer Financial Protection Bureau (CFPB) is sharing information from its consumer complaint database with the Federal Housing Finance Agency (FHFA), regulator of government-sponsored enterprises Fannie Mae and Freddie Mac.
This will aid the FHFA in identifying Fannie/Freddie mortgage servicers that are struggling to handle the deluge of forbearance requests coming in under the recently passed CARES Act.
In addition, the FHFA will furnish to the CFPB information regarding forbearances, modifications and other loss mitigation initiatives undertaken by the GSEs.
This will aid the CFPB in monitoring servicer compliance as well as getting information regarding forbearance options out to struggling homeowners.
“Help for consumers is always here at the CFPB through our complaints process,” says Kathleen L. Kraninger, director of the CFPB. “In addition to working with your lender to get an answer for you, we analyze the information to better educate consumers, provide clear rules for financial institutions, and hold companies accountable.
Kraninger adds that 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.”
“Protecting and helping homeowners during this national crisis is my top priority,” says Mark Calabria, director of the FHFA. “No one should be worried about losing their home. Borrowers are entitled to accurate information about their forbearance options. This partnership with CFPB ensures FHFA can address misconceptions stemming from consumer complaints by working with Fannie and Freddie servicers.”