WBK Industry News - Federal Regulatory Developments

HUD OIG Reviews Servicers’ Websites for CARES Act Forbearance Information

The HUD Office of Inspector General issued a Memorandum on April 27, 2020, reporting on the results of its review of the information on CARES Act forbearance on the websites of 30 mortgage servicers who service approximately 90 percent of FHA loans.  The OIG reports that some of the information on those websites is “incomplete, inconsistent, dated, and unclear,” and states that it “plans to initiate additional work related to forbearance offered by FHA servicers under the CARES Act.”

The HUD OIG has also issued a Bulletin for Homeowners on COVID-19, which cites and links to that memo.