Programming errors in the servicing platform and lapses in servicer oversight led to thousands of consumers being overcharged on mortgage notes, according to the Consumer Financial Protection Bureau’s (CFPB) 18th edition of Supervisory Highlights.
The report also showcased problems with misrepresenting private mortgage insurance (PMI) cancellation denial reasons, failure to exercise reasonable diligence to complete loss mitigation applications and reverse mortgage issues.
Read on for more from the CFPB’s report.
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