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Monday, June 11, 2012

ABA Aids CFPB in Understanding the Mortgage Servicing Market

In an attempt to aid the CFPB in its discussions regarding its upcoming rulemaking on mortgage servicing, ABA has shared relevant information and data from the ABA’s 19th Annual Real Estate Survey.

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.

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.
ABA urges the CFPB to craft its proposed mortgage servicing regulations on the following principles:
  • 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.

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