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CFPB Issues Bulletin to Prevent Runarounds in Mortgage Servicing Transfers
Wednesday, August 20, 2014 6:30 AM

The Consumer Financial Protection Bureau (CFPB) is releasing a bulletin outlining expectations for mortgage servicers that transfer loans. The bulletin includes information on how mortgage servicers should pay special attention to new rules protecting consumers applying for loss mitigation help or trial modifications.

“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 Richard Cordray. “We will not tolerate consumers getting the runaround when mortgage servicers transfer loans.”

The bulletin is available on the CFPB’s website.