The Consumer Financial Protection Bureau (CFPB) released Bulletin 2014-01 guidance advising mortgage servicers to prepare for possible transfer-related risks. The agency indicated that it will require servicers who are engaged in significant servicing transfers to submit plans describing how they will manage risks to consumers.
“At every step of the process to transfer the servicing of mortgage loans, the two companies involved must put in appropriate efforts to ensure no harm to consumers,” said CFPB Director Richard Cordray. “This means ahead of the transfer, during the transfer, and after the transfer. We will not tolerate consumers getting the runaround when mortgage servicers transfer loans.”
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