The COVID-19 pandemic is presenting one of the biggest challenges to the mortgage servicing industry since the much Recession. There are an estimated 3 million delinquent loans, including more than 2 million loans in long-term forbearance. The Bureau is closely monitoring how servicers are handling the increased volume and emphasizes the importance of good communication particularly at a time when so many homeowners are distressed. The Bureau also encourages servicers to use all available tools to reach struggling homeowners.
Source: consumerfinance.gov