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56 RISING TO THE OCCASION From regulatory scrutiny to the changing needs and preferences of borrowers, mortgage servicers have a lot on their plate in 2022. A pair of recent Five Star webinars examined the best ways forward. March 11, 2020, likely will never be as infamous as December 6, 1941, but it is the date that drastically shifted the focus and practices of the mortgage servicing industry. In the face of the expanding COVID-19 pandemic, the government launched foreclosure moratoria and expanded forbearance programs designed to keep borrowers in their residences while the economy recovered and everyone involved navigated the unexpected waters of a global health crisis. Two years later, around 70% of the U.S. population has been vaccinated, infection rates are dropping sharply, most major cities and businesses have eliminated or greatly relaxed mask mandates and other related policies, and the various moratoria related to mortgage payments are ending. ough some servicing and other business practices may never return to pre-pandemic norms, the status of COVID-19 has moved from pandemic to endemic. It's an environment that's been expected for a while, and one that servicers should be prepared for. In a letter to servicers released in December 2021, New York Attorney General Letitia James said, "It is now important that the industry takes necessary steps to help homeowners seamlessly transition into resuming their payments, and that we save as many homes from unnecessary foreclosure as possible." In addition to the above letter, 21 attorneys general recently released a joint letter about FHA implementation; the Acting CFPB Director in April posted a blog post noting being unprepared for these challenges is no excuse, and the CFPB a month later introduced a new regulatory regime with the safeguards that just expired. With the challenge of aiding homeowners coming out of forbearance now a critical focus for our industry, Five Star recently hosted two webinars delving into these topics. First, Five Star and Aspen Grove Solutions joined forces for a discussion entitled "Restarting the Servicing Engine: Loss Mitigation Cover Story By: Phil Britt