CFPB Finds Mortgage Servicers Continue To Use Failed Technology

Today, June 22nd, the Consumer Financial Protection Bureau (“CFPB”) issued a special issue of Supervisory Highlights which focused on its observations in mortgage servicing. According to the CFPB, some mortgage servicers continue to use failed technology that has already harmed consumers, putting them in violation of the CFPB’s new servicing rules, which took effect in January 2014. The report also discusses the CFPB’s approach mortgage to servicing exams, including a description of recent changes to the mortgage servicing chapter of the CFPB Supervision and Examination Manual.

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