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Wednesday, October 29, 2014

CFPB Reveals Supervisory Concerns about Servicing Rules

The CFPB issued a “Supervisory Highlights” report that outlined several areas of concern its examiners have had with the new servicing rules.

The report said that the bureau’s examiners cited violations based on insufficient or lacking policies and procedures for monitoring third-party service providers and information sharing with vendors. It also found that at least one servicer failed to make trial loan modifications permanent as early as possible and found the delay to be an unfair practice.

The report also included supervisory notes on money transfers, student loan servicing, HMDA data submission and debt collection and provided an overview of recent CFPB regulatory and public enforcement activity.

Read more.

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