b'identified a lack of oversight and control over pricingIn announcing the report, then-Acting Director Uejio exception procedures among the root causes drivingproclaimed that [s]ervicers who find themselves at the these purported violations. bottom of the pack should immediately take corrective steps, and warned that [t]he CFPB will hold account-able those servicers who cause harm to homeowners 2021 Regulatory Developmentsand families.CFPB Issues Compliance Bulletin, Policy Guidance,CFPB Finalizes Amendments to Regulation X to and Supervisory Data Concerning COVID-RelatedProtect Borrowers Against Forthcoming Increase In Loss Mitigation MeasuresCOVID-19 ForeclosuresIn March, the CFPB issued a Compliance Bulletin andIn June, the CFPB finalized amendments to Regulation Policy Guidance on Supervision and EnforcementX of the Real Estate Settlement Procedures Act (RESPA), priorities (Bulletin 2021-02) to address the perceivedwhich would establish temporary protections for heightened risks to consumers needing loss mitigationmortgage borrowers as the Coronavirus Aid, Relief, and assistance in the coming months as the COVID-19Economic Security Act (CARES Act) and various Federal moratoriums and forbearances end. The policyand State foreclosure moratoria are phased out over the guidance began by urging servicers to dedicatesummer. 12 C.F.R.1024 (2021). As noted in the CFPBs sufficient resources and staff to ensure they canexecutive summary of the final rule, the amendments communicate clearly with borrowers, effectivelyreflect four new sets of borrower protections:manage borrower requests for assistance, promote loss mitigation, and ultimately reduce avoidableFirst, the amendments require that a borrower has foreclosures and foreclosure-related costs. Thea meaningful opportunity to apply for loss mitiga-CFPB then proceeded to warn that it will considertion before his or her mortgage account is referred a servicers overall effectiveness at achieving suchto foreclosure; goals, along with other relevant factors, in using itsSecond, they provide servicers the ability to offer discretion to address violations of Federal consumerborrowers certain streamlined loan modifications financial law in supervisory and enforcement matters.without a complete loss-mitigation application; Specifically, the CFPB indicated that its examiners andThird, they require servicers to provide additional enforcement attorneys would pay particular attentioninformation about the availability of loss mitigation to whether servicers are providing clear and readilyoptions to certain delinquent borrowers promptly understandable information to borrowers about theirafter early intervention live contacts are estab-options for repayment assistance, promptly handl[ing]lished; andloss mitigation inquiries, evaluat[ing] [loss mitigation] applications consistent with Regulation X requirementsFourth, they establish timing requirements for to promote timely and consistent evaluations, amongservicers to renew reasonable diligence efforts to other priorities. Several months later, in August, theobtain complete loss mitigation applications from Bureau issued a report offering supervisory datacertain borrowers. concerning 16 large mortgage servicers COVID-19The amendments to Regulation X became effective on pandemic response that had been provided to theAugust 31 and, as noted above, the CFPB and other Bureau in response to April 2021 Metrics Requests,federal and state enforcement actors have already including data showing call handling and loanindicated their intent to closely monitor and enforce delinquency rates. The report reemphasized thatservicer compliance with the new regulations.the CFPB has prioritized monitoring and oversight of mortgage servicing and servicers engagement with borrowers at all stages in the loss mitigation process,2021 Key Enforcement Actionsand laid out what it deemed key data metrics that the Bureau would be monitoring. Those measures includeOcwen Wins Summary Judgment in CFPB Suit metrics relating to topics including:Concerning Servicing PracticesServicing portfolio; In March, the U.S. District Court for the Southern District of Florida issued an order granting summary Call metrics; judgment in favor of Ocwen on nine of the 10 counts COVID-19 hardship forbearance enrollments; asserted by the CFPB in its action pending against Ocwen. The CFPBs lawsuit, which dates back to COVID-19 hardship forbearance exits; April 2017, accused Ocwen of inaccurate payment Delinquency; and processing, foreclosure violations, and other servicing Borrower profiles. failures dating back to January 2014. The court ruled that Ocwen was entitled to partial summary judgment 16'