Official 'Deeply Disappointed' by Mortgage Servicing Problems

February 19, 2014
Wall Street Journal 
mortgage lending news
Consumer Financial Protection Bureau deputy director Steve Antonakes on Wednesday lambasted mortgage servicers for what he said is their continued poor handling of consumers.

In delivering the remarks at a Mortgage Bankers Association conference, the official vowed an agency crackdown on servicing. Antonakes warned that, going forward, the regulator will be paying close attention to sales of servicing rights -- a process that he said should not affect borrowers' ability to obtain loan assistance. "There will be no more shell games where the first servicer says the transfer ended all of its responsibility to consumers and the second servicer says it got a data dump missing critical documents," he declared.

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