#### Source link.

Comment: There is an existing interagency policy statement on this topic that was issued in 1998 and amended in 2014. Fashioning that policy statement into a rule would make it binding and enforceable. Share this proposal with your bank’s CPA firm.

## CFPB actions and news

##### CFPB Issues TRID Rule FAQs About the BUILD Act (05.14.2021)

The Bureau has issued additional TRID Rule Frequently Asked Questions (FAQs). These FAQs address housing assistance loans, and how the BUILD Act impacts the TRID Rule requirements for certain housing assistance loans. You can access the TRID FAQs, including those related to the BUILD Act, here:

#### Source link.

Comment: FAQs from the CFPB are an excellent tool in answering thorny compliance questions. In this instance, for a transaction that qualifies for the partial exemption under the BUILD Act, a creditor may elect not to provide the applicant with a Loan Estimate or Closing Disclosure. If a creditor elects not to provide such disclosures for a qualifying transaction, the creditor must provide the applicant with a Good Faith Estimate and HUD-1 Settlement Statement under RESPA and a traditional disclosure statement under TILA. Creditors relying on the BUILD Act partial exemption also must provide applicants with the Special Information Booklet under RESPA.

##### CFPB Issues Reports Detailing Mortgage Borrowers’ Continuing COVID-19 Challenges (05.04.2021)

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released two reports showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn. The first report documents that Black and Hispanic mortgage borrowers are much more likely to be delinquent or in a forbearance program than white borrowers. In a second report, the CFPB reports that overall mortgage complaints to the CFPB have risen to their highest level in three years. “More borrowers are behind on their mortgage than at any time since the height of the Great Recession,” said CFPB Acting Director Dave Uejio. “Communities of color have been hit hard by the pandemic, and the latest data show that many borrowers are still hurting. The CFPB will continue to seek and actively respond to developments in the market, doing everything in our power to help families stay in their homes. As we warned mortgage servicers last month, unprepared is unacceptable.” The CFPB is seeking comments on a proposal intended to help prevent avoidable foreclosures for borrowers affected by the COVID-19 emergency. That proposal, if finalized, would temporarily require servicers to enhance communications with borrowers who are delinquent or in forbearance, allow servicers to offer certain streamlined loan modification options to borrowers with COVID-19-related hardships, and require servicers to afford all borrowers a special pre-foreclosure review period. The comment period closes May 10th.

###### Research Brief on Mortgage Borrowers

The CFPB’s research brief, “Characteristics of Mortgage Borrowers During the COVID-19 Pandemic,” shows that some homeowners and communities are more at risk than others.

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