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Ex. SEC-13-009 Order Primary source read

Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the COVID-19 Emergency and the CARES Act

Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the COVID-19 Emergency and the CARES Act

CFPB, Federal Reserve Board, FDIC, NCUA, OCC and State Banking Regulators (CSBS) · United States (Federal)

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The record

Jurisdiction
United States
Level
Federal
Authority
Supervisory statement on 12 C.F.R. part 1024 (Regulation X)
Issued
2020-04-03 Apr. 3, 2020
Effective
2020-04-03
End
rescinded Nov. 10, 2021 (post-period) (read as 2021-11-10)
In force
Apr. 3, 2020 to Nov. 10, 2021
Quarters
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
Limitation types
Other
Addressees
  • mortgage servicers
Functions reached
  • SV (forbearance intake, early intervention, loss mitigation communications)
  • CC
Collection
Financial Services SEC-13

Operative words

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's mandatory forbearance

Notes

The agencies' own statement that 'the current crisis could pose temporary business disruptions and challenges for mortgage servicers, including staffing challenges.'