"At every step of the process to transfer the servicing of mortgage loans, the two companies involved must put in appropriate efforts to ensure no harm to consumers. This means ahead of the transfer, during the transfer, and after the transfer," said CFPB Director
The bulletin is available at: http://files.consumerfinance.gov/f/201408_cfpb_bulletin_mortgage-servicing-transfer.pdf
Mortgage servicers are responsible for collecting payments from mortgage borrowers on behalf of loan owners. They also typically handle customer service, escrow accounts, collections, loan modifications, and foreclosures. Generally, borrowers have no say in choosing their mortgage servicers. Servicing transfers among servicers are common and may occur in several ways. The mortgage owner may sell the rights to service the loan. In some case the owner of the loan may hire a sub-servicer rather than servicing the loan itself.
Today's bulletin gives examples of some things
If servicers are not fulfilling their obligations under the law, the
Throughout 2013 and 2014, the
More information about the
TNS 30BautistaJude 140820-4833809 30BautistaJude
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