Denbeaux and Denbeaux , NJ Attorneys at Law
About This Show
The FCRT podcast provides news and information relating to consumer debt. Although I am an attorney and this show may discuss aspects of the law, no content with this recording is being provided as legal advice, and listening to this show does not establish an attorney client relationship.
Most Recent Episode
FCRT: CFPB Reveals Mortgage Servicing Problems
In this episode of the FCRT Adam Deutsch discusses the CFPB supervisory report on the mortgage servicing industry. He reviews the report and provides additional insight for homeowners in relation to RESPA , the Real Estate Settlement and Procedures Act.
In this eleventh issue of Supervisory Highlights, (6/23/16) we share findings from recent supervisory examination observations in mortgage servicing. To provide additional context for readers, we integrate these recent observations with observations from previous editions of Supervisory Highlights by subject matter – loss mitigation acknowledgement notices; loss mitigation offers and related communications; loan modification denial notices; policies and procedures; and servicing transfers. The report also discusses Supervision’s approach mortgage to servicing exams, including a description of recent changes to the mortgage servicing chapter of the CFPB Supervision and Examination Manual.
CFPB Announcement of the Supervisory Report
Extract from the Introduction of the Report:
Mortgage servicers play a central role in homeowners’ lives by managing their mortgage loans. Servicers collect and apply payments, work out modifications to loan terms, and handle the difficult process of foreclosure. As the financial crisis made clear, weak customer support, lost paperwork, and mishandled accounts can lead to many wrongful foreclosures and other serious harm.
Since consumers do not choose their mortgage servicers they cannot take their business elsewhere. To improve practices in the servicing market, the Dodd-Frank Act Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) imposed new requirements on servicers and gave the Consumer Financial Protection Bureau (CFPB) the authority to implement those new requirements and adopt additional rules to protect