Washington Report

Advocacy Updates from Washington D.C.

NAR Submits Comment to CFPB on Pandemic Servicing

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.

Download NAR's Comment Letter to the CFPB