You are a servicer if you possess a private mortgage note and handle the servicing (collection of payments) yourself. These guidelines and enforcement operations apply to you. If you’d prefer to delegate that responsibility to someone else, contact us today, and we’ll take care of your financing.
The Consumer Financial Protection Bureau (CFPB) has issued a warning to servicers that it is stepping up enforcement and will be looking into how servicers handle borrowers exiting forbearance. In a Thursday compliance advisory, the Consumer Financial Protection Bureau said that it would monitor how servicers attempt to avert a surge of foreclosures this fall. The Bureau stated, “Being unprepared is unacceptable.” In addition, the CFPB will keep a careful eye on how servicers interact with borrowers, respond to borrower requests, and handle loss mitigation applications.
The Consumer Financial Protection Bureau (CFPB) has stated that it would be closely monitoring how successfully servicers are taking charge of the situation, working closely with borrowers, managing communication issues with borrowers with little English proficiency, evaluating income fairly, responding to inquiries as fast as possible and preventing foreclosures that may have been avoided.
“Our top objective is to ensure that suffering families receive the help they require,” Dave Uejio, CFPB acting Director, stated. He further added, “Servicers who prioritize struggling families have nothing to fear from our oversight, but those that hurt homeowners and families will be held accountable.” “In the coming months, there will be a tidal wave of distressed homeowners who will require assistance from their mortgage servicers.” Now is the time for responsible servicers to start preparing. There is no time to waste and no reason to delay. “What is coming should not surprise anyone,” said Dave Uejio.
The Bureau pushed back leniencies on HMDA data reporting, loan modifications, appraisal requirements, and credit reporting, announcing its intention to employ its full jurisdiction under the Dodd-Frank Act. To read more on the Bureau’s intention to closely monitor how servicers avoid foreclosures, click here.
About Note Servicing Center
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid.
Contact us today for more information.