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The Consumer Financial Protection Bureau released their 11th edition of Supervisory highlights, a special edition with a direct warning to mortgage servicers.
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The Consumer Financial Protection Bureau released their 11th
edition of Supervisory highlights, a special edition with a direct
warning to mortgage servicers. The report typically shares
findings and examination observations in various areas of oversight
like student loan servicing, mortgage origination and debt
collection. However this edition focuses on mortgage servicing
technology; loss mitigation acknowledgement notices; loss
mitigation offers; loan modification denial notices; policies and
procedures; and servicing transfers. The warning is specific to
failed technology that continues to be used by some mortgage
servicers that has already harmed consumers placing a servicer in
violation of CFPB's servicing rules. Richard Cordray is quoted
in the release with this stern warning, "There are no excuses
for not following federal rules."
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
