CFPB Director Discusses New Rules for Mortgage Servicers

During a recent speech CFPB Director, Richard Cordray offered additional insight into the agency’s priorities around its new requirements for mortgage servicers. The final rule which was issued in early August, puts in place a number of requirements for mortgage servicers. These requirements are aimed at providing additional protections for borrowers and surviving family members of borrowers.

According to an article in American Banker, Cordray highlighted that for some servicers the agency will “’require specific and credible plans on how their information technology systems will be upgraded.’” Although he did not provide additional detail on these requirements he emphasized the importance of servicers having procedures in place for responding to borrower complaints. Pointing out that the CFPB sees these procedures as a “’basic component of a compliance management system.’”

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