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Tuesday, November 1, 2016

CFPB Issues Guidance on Servicing Reverse Mortgages, Student Loans

The CFPB recently released an update to its guidance on risk management for third-party service providers. Also included with the release of Supervisory Highlights were new CFPB examination procedures for the servicing of reverse mortgages and student loans. The reverse mortgage procedures came in response to complaints to the bureau about these loans. The student loan procedures reflect changes based on the bureau’s experience in the student loan market since its procedures were last issued in 2013.

Other topics covered in Supervisory Highlights include auto loan origination and servicing, debt collection and mortgage origination. The bureau also devoted much attention to fair lending issues, including lending and servicing in languages other than English, Home Mortgage Disclosure Act reporting and redlining.

Read the reverse mortgage exam procedures.
Read the student loan exam procedures.

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