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Tuesday, February 12, 2013

CFPB to Closely Monitor Mortgage Servicers’ Transfer Activities

The CFPB has issued a bulletin warning mortgage companies about their legal obligations to protect consumers during loan transfers between mortgage servicers. The CFPB said it has “a heightened concern” about servicers losing paperwork, losing track of homeowner loss-mitigation plans and hindering their chances of saving their homes from foreclosure.

The agency emphasized that its examiners will be taking a close look at how servicers prepare for the transfer of servicing rights; how new servicers handle files they receive through a transfer; and what policies servicers have to prevent borrower harm for loans in the process of loss mitigation.

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