Consumer Watchdog Warns Mortgage Servicers on Transfers
February 11, 2013
The Consumer Financial Protection Bureau on Feb. 11 released a bulletin warning mortgage servicers that they must extend legal safeguards to customers when transferring their loans to another company and vowed to take enforcement action against those not in compliance. The volume of recent loan transfers is giving the bureau cause for concern about potential mortgage servicing transfer abuses, with director Richard Cordray emphasizing that "consumers should not be collateral damage in the mortgage servicing transfer process." Specifically, the CFPB is interested in what actions servicers have taken to ensure customers are given accurate information, whether document transfers are handled smoothly, and whether mortgage modifications are honored by the new servicers.
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