NAR submitted a responsepdf to the Consumer Financial Protection Bureau (CFPB)’s Notice of Proposed Rulemaking (NPRM) titled "Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X."

In its response, NAR thanks the CFPB for its efforts on initiating and harmonizing forbearance programs to date, and:

  • Asks for continued strong coordination and standardization of post-forbearance programs,
  • Suggests a cap on the time lenders have to respond to short sale offers, and
  • Suggests that the CFPB look into the discrepancy in “foreclosure completion” dates among lenders and how it affects the credit freeze-out period at the GSEs.

Download NAR's Comment Letter to the CFPBpdf

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.
Advertisement