Posted To: MND NewsWire
After two years of supervision and examinations of mortgage servicers by the Consumer Financial Protection Bureau (CFPB) the agency has criticized the industry’s level of compliance and issued an updated mortgage servicing exam manual. CFPB said, two years of examinations have convinced the agency that some servicers ” continue to use failed technology that has already harmed consumers, putting the company in violation of the CFPB’s new servicing rules.” New servicing rules which took effect in January 2014, arose out of experiences during the Great Recession when millions of borrowers fell behind in their mortgage payments and CFPB says, “many servicers were unable to provide the level of service necessary to meet homeowners’ needs.” Even before the crisis “the mortgage servicing industry…(read more )