The loss mitigation space is undergoing significant transformation with expanded remedies for distressed borrowers. Key developments include:
– Creation of FHFA, Dodd-Frank, and the CFPB leading to increased options beyond bankruptcy relief.
– Expansion of hardships to include weather disasters and the COVID-19 pandemic.
– Introduction of VASP and other government programs extending and enhancing loss mitigation remedies.
– Anticipated changes to Regulation X are on the immediate horizon, signaling further evolution in this area.
These changes within the loss mitigation space highlight a shift towards more comprehensive support for borrowers facing financial challenges. With the introduction of new programs and regulations, there is a clear focus on providing additional avenues for borrowers to seek assistance and avoid foreclosure. As the industry continues to evolve, it is crucial for mortgage professionals to stay informed and adapt to these changes to best serve their clients.
You can read this full article at: https://www.housingwire.com/articles/adapting-to-change-innovation-and-transformation-in-loss-mitigation/(subscription required)
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