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Friday, January 31, 2014

CFPB Releases Report on Mortgage Servicing Problems

The CFPB issued a report on concerns it found in the mortgage servicing industry between July and October 2013—a period before the CFPB’s new mortgage servicing rules were in effect. The bureau reported that over this time period there were instances where servicers violated the Dodd-Frank Act’s ban on unfair, abusive or deceptive acts and practices such as: unfair practices with servicing transfers, waiving consumer rights, poor payment processing, and failing to provide correct information to consumer reporting agencies.

The new CFPB mortgage rules that went into effect January 10, 2014 require mortgage servicers to maintain accurate records, give borrowers proper access to servicing personnel, promptly credit payments and correct errors on request.

Read more.

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