UPDATE 1-U.S. regulators to go easy on mortgage firms over customer communication delays [Reuters (UK)]
JP Morgan Chase & Co. (JPM)
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Source: Reuters
U.S. regulators to go easy on mortgage firms over customer communication delays - Reuters 3 Min Read WASHINGTON (Reuters) - U.S. bank supervisors will not penalize mortgage companies if they miss regulatory deadlines for communicating with borrowers while fielding an unprecedented surge in queries due to disruptions caused by the novel coronavirus, banking regulators said on Friday. The banking agencies will effectively waive rules requiring mortgage lenders and servicers respond to borrowers within a specific time frame on matters such as receiving incomplete applications or certain other notices, the U.S. banking agencies said in a statement. The interagency statement confirmed an earlier Reuters report. “The agencies do not intend to take supervisory or enforcement action against mortgage servicers for delays” in certain communications with borrowers, provided the firms make “good faith efforts” to provide the notices within a reasonable timeframe, the statement said. Lenders have
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