CFPB to Closely Monitor Servicing Transfers For Loss Mitigation Problems, Borrower Hassles
February 14, 2013
The Consumer Financial Protection Bureau announced this week that it will closely scrutinize servicing transfers due to complaints from borrowers tied to a recent increase in servicing sales. The federal regulator published CFPB Bulletin 2013-01 this week detailing the new oversight standards, with an emphasis on loss mitigation issues. The CFPB has particular concerns related to servicing transfers that arise from consumer complaints and supervisory work related to servicing transfers, the federal regulator said. Among other complaints, consumers have complained about service interruptions when their loans are transferred during the loss mitigation process. The problems are related...