{"id":"SEC-13-009","kind":"order","level":"federal","jurisdiction":"United States","state":"","metro":"","industry":"13","agency":"","eco":"","issuer":"CFPB, Federal Reserve Board, FDIC, NCUA, OCC and State Banking Regulators (CSBS)","authority":"Supervisory statement on 12 C.F.R. part 1024 (Regulation X)","instrument":"Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the COVID-19 Emergency and the CARES Act","title":"Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the COVID-19 Emergency and the CARES Act","dateIssued":"2020-04-03","effective":"2020-04-03","end":"rescinded Nov. 10, 2021 (post-period)","startDate":"2020-04-03","endDate":"2021-11-10","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["mortgage servicers"],"clause":"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\u0027s mandatory forbearance","functions":["SV (forbearance intake, early intervention, loss mitigation communications)","CC"],"notes":"The agencies\u0027 own statement that \u0027the current crisis could pose temporary business disruptions and challenges for mortgage servicers, including staffing challenges.\u0027","sourceUrl":"https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20200403a1.pdf","snapshot":"","fileExists":true,"fileBytes":232387,"grade":"primary","character":"","description":"","collection":"SEC-13","url":"/library/SEC-13-009","exhibitUrl":"/exhibit/SEC-13-009","citation":"CFPB, Federal Reserve Board, FDIC, NCUA, OCC and State Banking Regulators (CSBS), Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the COVID-19 Emergency and the CARES Act (Apr. 3, 2020) (Ex. SEC-13-009)","stateName":"","related":[]}