Summary:
In a recent congressional hearing, the Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, provided insights into mortgage-related matters. The session involved a series of questions and answers, enabling lawmakers to delve into key concerns within the mortgage industry. Here are the highlights from the hearing:
• Mortgage forbearance: Chopra acknowledged the challenges faced by homeowners during the pandemic and emphasized the importance of extending foreclosure protections and mortgage forbearance programs. He expressed concern over potential fraud risks in loan modifications and noted the CFPB’s efforts to combat deceptive practices.
• Diversity and inclusion: Lawmakers inquired about measures taken to ensure diversity and inclusion in the mortgage market. Chopra highlighted the significance of these aspects and emphasized the need for fair lending practices. He discussed the CFPB’s initiatives to tackle discriminatory practices and promote equal opportunities within the industry.
• Mortgage servicing transfers: When questioned about potential issues arising from mortgage servicing transfers, Chopra revealed that the CFPB is actively monitoring this area. He expressed a focus on enhancing consumer protection during these transfers, aiming to avoid disruptions in the processing of mortgage payments and provide accessible information to borrowers.
CFPB Director Rohit Chopra’s testimony shed light on critical mortgage-related topics, demonstrating the organization’s dedication to addressing industry challenges and safeguarding consumers’ interests.
You can read this full article at: https://www.housingwire.com/articles/cfpbs-chopra-addresses-mortgage-issues-in-house-oversight-hearing/(subscription required)
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