CFPB issues COVID-19 mortgage servicing response metrics report

Hello compliance friends, welcome to another Wednesday blog post!  This one is very special, because it is one of my most favorite days – National Fajita Day!  Fajitas are one of my favorite dishes, so I will definitely be whipping up a batch for dinner tonight.

Now that we all know what’s for dinner, there’s another item on the menu to discuss: the CFPB’s COVID-19 Mortgage Servicing Response Metrics Report was released on August 10, 2021.  The report details the pandemic response of 16 large mortgage servicers who submitted data to the Bureau, upon its request.  The report focuses on data around call metrics, COVID-19 hardship forbearance enrollments and exits, delinquency, and borrower profiles.

Call Metrics

The CFPB requested data from the servicers to gain insight on call center volume and responsiveness.  All sixteen servicers provided information regarding the number of call center inquiries received each month, the average hold time/speed to answer, phone call abandonment rates, and the average time it took to handle calls.

 

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