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Tag Archives: servicing

CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and consumer reporting

Posted in CFPB Exams, Credit Reports, Debt Collection, Electronic Payments, Mortgages, Student Loans

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the CFPB in debt collection, electronic fund transfers and consumer reporting. The report covers supervision work completed by the CFPB between March 2014… More >

CFPB updated mortgage servicing transfer guidance published in Federal Register

Posted in Mortgages

In yesterday’s Federal Register, the CFPB published the compliance bulletin and policy guidance (Bulletin 2014-01) regarding mortgage servicing transfers that it previously issued on August 19, 2014 (New Guidance).  The New Guidance updates and replaces earlier guidance regarding mortgage servicing transfers set forth in Bulletin 2013-01.  We summarized the New Guidance in a prior blog… More >

CFPB issues new mortgage servicing guidance

Posted in Mortgages

On August 19, 2014, the CFPB issued a compliance bulletin and policy guidance updating and replacing its earlier guidance regarding mortgage servicing transfers.  In replacing Bulletin 2013-01 (the “Original Guidance”), Bulletin 2014-01 (the “New Guidance”) reinforces the Original Guidance and adds several interesting components to the regulatory mix as a direct result of the implementation of… More >

ABA seeks CFPB clarification of mortgage servicing rules

Posted in Mortgages

The American Bankers Association has sent a letter to the CFPB requesting several clarifications to the mortgage servicing rules.  The ABA asks the CFPB to make the clarifications part of “regulatory guidance (or regulatory amendment where necessary) that is readily accessible to all servicers, their vendors and advisors, as well as examiners from other regulatory… More >

CFPB sends warning to mortgage servicers

Posted in Mortgages

Describing his message as a “tough one,” CFPB Deputy Director Steven Antonakes told attendees yesterday at the Mortgage Bankers Association’s National Mortgage Servicing Conference that “continued sloppiness” by servicers “is difficult to comprehend and not acceptable.”  While acknowledging the CFPB’s past statements that it would not immediately expect perfect compliance with the new mortgage servicing… More >

CFPB supervisory report highlights exam report changes, non-public supervisory actions and mortgage servicing deficiencies

Posted in CFPB Enforcement, CFPB Exams, Mortgages

Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’).  The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights supervision work completed between July and October 2013.  CFPB examiners (who numbered approximately 320 as of January 2, 2014) began using the new templates for… More >

CFPB’s hand seen in student loan bill

Posted in Student Loans

Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.”  On March 1, 2014, the CFPB will begin overseeing servicers of federal and private student loans that qualify as “larger participants” and there is speculation that the bill was drafted with CFPB input. Fueling… More >

CFPB proposes final interim mortgage servicing rule

Posted in Mortgages

In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the CFPB has issued an interim final mortgage servicing rule and a bulletin addressing servicing issues.   The main thrust of the interim final rule is to clarify the interplay between the mortgage… More >

CFPB supervisory report highlights deficiencies in mortgage servicing, compliance management systems and fair lending compliance

Posted in CFPB Exams, Mortgages

Although its new mortgage servicing rules are not effective until January 10, 2014, the CFPB seems to already be using those rules as guideposts in its examinations of servicers.  In its Summer 2013 Supervisory Highlights, which highlights supervision work completed between November 2012 and June 2013, the CFPB focuses on deficiencies in mortgage servicing at… More >

CFPB proposes supervision of nonbank private and federal student loan servicers

Posted in Student Loans

The CFPB has issued a proposal to supervise nonbank student loan servicers who qualify as “larger participants” in the student loan servicing market.  The CFPB already supervises student loan servicing by larger banks.  It also already supervises, without regard to their size, nonbanks that offer or provide private student loans and student loan servicing by such… More >

CFPB issues final rules on mortgage servicing, appraisals and loan originator compensation

Posted in Mortgages

The regulatory barrage continued last week with the CFPB issuing the last batch of mortgage-related rules it was required to finalize by the Dodd-Frank Act’s January 21 deadline.    On January 17, the final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing were issued. The servicing rules will take effect on January… More >

Mortgage loan model forms in the works

Posted in CFPB Rulemaking, Mortgages

The CFPB is getting ready to test model forms and disclosures as part of its rulemaking under Dodd-Frank Title XIV.  According to a Paperwork Reduction Act notice published in the Federal Register, the CFPB has determined that model forms and disclosures are required for the mortgage servicing rules it must issue in final form by… More >