Date: June 23, 2016Author: Denbeaux & Denbeaux
In this eleventh issue of Supervisory Highlights, we share findings from recent supervisory examination observations in mortgage servicing. To provide additional context for readers, we integrate these recent observations with observations from
previous editions of Supervisory Highlights by subject matter – loss mitigation acknowledgement notices; loss mitigation offers and related communications; loan modification denial notices; policies and procedures; and servicing transfers. The report also discusses Supervision’s approach mortgage to servicing exams, including a description of recent changes to the mortgage servicing chapter of the CFPB Supervision and Examination Manual.
WHY THIS MATTERS
CFPB finds loan servicer practices can lead to “wrongful foreclosures and other serious harm,” and “consumers do not choose their mortgage servicers they cannot take their business elsewhere” when injured. Also …
This is a scenario the clients of Denbeaux and Denbeaux experience far too often. We have cases dealing with Ocwen, Fay, SPS, Wells Fargo, Ditech. We have sued servicing companies to get our clients the modifications they deserve.