CFPB Issues Bulletin on Mortgage Servicing Transfers

The Consumer Financial Protection Bureau released a new bulletin yesterday regarding mortgage servicing transfers:

The Consumer Financial Protection Bureau (CFPB) is issuing this guidance to residential mortgage servicers and subservicers (collectively, servicers), to address potential risks to consumers that may arise in connection with transfers of servicing. The CFPB’s concern in this area is heightened due to the number and size of recent servicing transfers. As described below, servicers engaged in significant servicing transfers should expect that the CFPB will, in appropriate cases, require them to prepare and submit informational plans describing how they will be managing the related risks to consumers.

 

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