In the ABA letter to CFBP:
The survey may help to inform the CFPB’s determination of whether to exempt, in whole or in part, certain categories of servicers or servicing arrangements from the upcoming servicing requirements.ABA urges the CFPB to craft its proposed mortgage servicing regulations on the following principles:
Many community bank servicers, particularly portfolio lenders, value the ability to maintain ongoing, multifaceted customer relationships and therefore have a vested interest in ensuring that mortgage loans that they originate receive quality servicing.
- Cultivate a diverse servicing landscape.
- Promote responsive servicing practices.
- Preserve high-touch servicing models.
- Communicate with FHFA and the GSEs at a technical level.
- Provide effective customer disclosures, forms, and periodic statements.
Read ABA’s letter to the CFPB.
Read more about ABA’s Real Estate Survey.