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What is “fair servicing”?

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Question: 
What is fair servicing?
Answer: 

This is a fairly new term for specific part of fair lending. The fair lending rules, like Reg B, apply to the loan from beginning to end, not just underwriting. There is servicing, collection and managing the account when it pays off with proper credit reporting, lien releases, etc. What has driven fair servicing to the forefront has been regulatory agencies urging banks to work with borrowers, especially thru the pandemic. It applies to mortgages and other loan facilities for forbearance programs and there have been claims that many minorities and other protected classes do not get the same cooperation or available programs as Whites.

First published on 08/15/2021

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