On May 16, 2022, the CFPB released a second metrics report providing the observations of data obtained from 16 large mortgage servicers to identify areas of risk in the servicers’ COVID-19 pandemic response. The report addresses similar topics, including call center data, COVID-19 hardship forbearance exits, delinquency, and borrower profiles for the period May through December 2021.
The CFPB’s key observations include:
Call center hold time variability. Some servicers have relatively high average hold times exceeding ten minutes and call abandonment rates exceeding 30%.
Delinquency and exits from forbearance. The number and rate of delinquent exits from COVID-19 hardship forbearances increased to an average of 15%.
Servicer data challenges. Some servicers did not track, provided inconsistent, or were otherwise unable to provide, data for key metrics which raise questions about the servicers’ ability to track and to report high-quality data and to monitor their responsiveness and compliance.
Borrower demographics. The collection, categorization, and maintenance of information about borrowers’ race, ethnicity and language preference varied widely among servicers in clarity and completeness.
Borrowers with Limited English Proficiency (LEP borrowers). The number of LEP borrowers whose loans were delinquent without a loss mitigation option after exiting forbearance increased, while the number of nonLEP borrowers who were delinquent without a loss mitigation option after forbearance decreased.
The CFPB’s press release can be found here.
The Mortgage Servicing COVID-19 Pandemic Response Metrics Report can be found here.