WE’RE HEARING the Consumer Financial Protection Bureau is carrying on as if it is business as usual.
Despite all the noise about a court ruling invalidating recess appointments and legitimacy of the CFPB’s actions, bureau officials are still working on regulations, including a new servicing rule.
The CFPB issued a massive
But that rule does not cover all the concerns that the CFPB has about servicing.
So servicers should be on notice that the CFPB wants to address servicing transfers and a proposed rule might be issued for public comment soon.
Bureau officials have heard stories about loans that went into default and then were transferred, which delayed intervention to bring the borrowers current or modify the loan.
When CFPB officials released the final servicing rule they indicated that they were working on a servicing transfer rule, according to Richard Andreano, an attorney at Ballard Spahr.
When servicing is transferred, the bureau wants to ensure there isn’t a hiccup in terms of considering troubled borrowers for
Andreano also noted that CFPB will be watching the results of the mortgage and servicing settlements and other issues may come to their attention.
“We imagine that CFFB will continue to focus on the servicing area,” he said, which could lead to additional rulemaking.
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HIRE SQUAD: We believe the mortgage business will get out of its tepid recovery by private sector hiring. So we’ve been giving a shout out to any company that has ten or more net new hires. And we have another one this week. Real Estate Mortgage Network Inc. continues to expand its footprint in New Jersey with a new branch location in Monmouth County. Located in the Borough of Shrewsbury, this new REMN office will be led by Rene Stone. Stone will lead a team of nine associates including Michael Beagan, Dawn Benedickson, Tiffany Franco, Paula Frendel, William Green, George Monks, Brenda Valente, Roger Wilbert and Paul Winters.
Mark Fogarty is editorial director of the SourceMedia Mortgage Group and has been commenting on the mortgage market since 1984. Brian Collins is the group’s senior editor and D.C. bureau chief. He has worked the mortgage beat since 1988.