CFPB, CSBS Issue Consumer Guide on Mortgage Relief Options

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WASHINGTON, D.C. — To guide homeowners with federally backed loans through the process of obtaining mortgage relief, the Consumer Financial Protection Bureau (Bureau) and the Conference of State Bank Supervisors released a Consumer Relief Guide with borrowers’ rights to mortgage payment forbearance and foreclosure protection under the federal CARES Act.

Kathleen L. Kraninger, CFPB Director: “CFPB is working hand-in-hand with other federal and state regulators to protect consumers during this national emergency. CSBS has been a key partner as we all work together for consumers. This guide will help consumers to understand their options for mortgage relief during this challenging and unprecedented time.”

John W. Ryan, CSBS President and CEO: “State regulators are hearing from borrowers who are confused about mortgage relief, and, in some cases, getting inconsistent information about forbearance. And that’s why we’re partnering with the CFPB and Director Kraninger to release this guide for homeowners.

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“Consumer protections and local economic health are the top priorities for state regulators, so they are helping citizens across the country access mortgage relief and understand their rights under the CARES Act.”

In addition to this guide, the Bureau has a centralized webpage with information on how consumers can protect their finances during the pandemic, and this week launched a joint housing website with other federal regulators. CSBS maintains a state tracker with useful consumer information on topics such as mortgage forbearance, modification of loan terms, stays on evictions, restrictions on overdraft fees and more plus some common COVID-19-related scams on the COVID-19 Consumer Resources webpage.

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