The Consumer Financial Protection Bureau (CFPB) has issued a warning to mortgage servicers that being unprepared is unacceptable.
In a new compliance bulletin, the bureau asked servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. “There is no time to waste, and no excuse for inaction,” acting CFPB Director Dave Uejio said.
Read on for details on how the bureau will determine a servicer’s overall effectiveness.
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