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NAR submitted a response to the Consumer Financial Protection Bureau (CFPB)’s Notice of Proposed Rulemaking (NPRM) titled "Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X."
In its response, NAR thanks the CFPB for its efforts on initiating and harmonizing forbearance programs to date, and:
- Asks for continued strong coordination and standardization of post-forbearance programs,
- Suggests a cap on the time lenders have to respond to short sale offers, and
- Suggests that the CFPB look into the discrepancy in “foreclosure completion” dates among lenders and how it affects the credit freeze-out period at the GSEs.
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