In this episode of the FCRT Adam Deutsch discusses the CFPB supervisory report on the mortgage servicing industry. He reviews the report and provides additional insight for homeowners in relation to RESPA , the Real Estate Settlement and Procedures Act.
In this eleventh issue of Supervisory Highlights, (6/23/16) we share findings from recent supervisory examination observations in mortgage servicing. To provide additional context for readers, we integrate these recent observations with observations from previous editions of Supervisory Highlights by subject matter – loss mitigation acknowledgement notices; loss mitigation offers and related communications; loan modification denial notices; policies and procedures; and servicing transfers. The report also discusses Supervision’s approach mortgage to servicing exams, including a description of recent changes to the mortgage servicing chapter of the CFPB Supervision and Examination Manual.
CFPB Announcement of the Supervisory Report
Extract from the Introduction of the Report:
Mortgage servicers play a central role in homeowners’ lives by managing their mortgage loans. Servicers collect and apply payments, work out modifications to loan terms, and handle the difficult process of foreclosure. As the financial crisis made clear, weak customer support, lost paperwork, and mishandled accounts can lead to many wrongful foreclosures and other serious harm.
Since consumers do not choose their mortgage servicers they cannot take their business elsewhere. To improve practices in the servicing market, the Dodd-Frank Act Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) imposed new requirements on servicers and gave the Consumer Financial Protection Bureau (CFPB) the authority to implement those new requirements and adopt additional rules to protect consumers.
The CFPB released rules, effective January 10, 2014, to improve the information consumers receive from their servicers, to enhance the protections available to consumers to address servicer errors, and to establish baseline servicing requirements that provide additional protections for consumers who have fallen behind on their mortgage payments. Supervisory examinations of mortgage servicers now generally focus on reviewing for compliance with these servicing rules and for unfair, deceptive, and abusive acts or practices.
Download the full report here from this link.
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It would be nice if CFPB would visit Ocwen Ombudsman offices in Clearwater, FL, pikn Dan Britton, Analyst to his chair an demand he PROVE HSBC, Ocwens partner in Nelson v AHMSI 2014 (originating from Polk Country !2th Dist Circuit CT, Oregon) and demand that they PROVE they have standing in form of TILA requirements (produce original note and original mortgage, once and for all, iand lacking any such lawful poroof demand that Ocwen return my $340K equity on 580 Riverview Cr W, Salem, OR97604. CFB has a file on me (BRUCE R NELSON going back to when Mr Cordrey became Director. Now I know CFPB is not going to challenge its hand pick Ombudsman for 2 Billion recovery fund over my oittiful$340,000. equity theft but this 77 ry old USAF disabled vet would sure appreciate it if CFPB would hekp an old man wh was victimizedby Ocwen and so far Ocwen chooses to send me pounds of paper (non of it relenent) none of which offer TILA sanctioned proof of STANDING. Its been years no and , of well CFPB probablt does not give a crap about this.