Quantcast

State Regulators Focused on Large Servicing Transfers

FEB 20, 2013 11:32am ET
Print
Email
Reprints
Twitter
LinkedIn
Facebook
Google+
Partner Insights

State regulators want to work with the Consumer Financial Protection Bureau to ensure servicing transfers don’t disrupt loss mitigation efforts and harm troubled homeowners.

“Large-scale servicing transfers represent a timely consumer protection issue,” according to the Conference of State Bank Supervisors and American Association of Residential Mortgage Regulators.

“Similar to CFPB’s findings, CSBS and AARMR have identified potential for consumer harm when loans are transferred during the loss mitigation process,” according to a joint press release.

The state regulators have jurisdiction over state banks and nonbank servicing companies.

CSBS and AARMR “strongly encourage” state-supervised servicers to become familiar with the CFPB guidance on servicing transfers.

Twitter
Facebook
LinkedIn
Already a subscriber? Log in here
Please note you must now log in with your email address and password.