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Category: Press release |
Published

CFPB Compliance Bulletin Warns Mortgage Servicers: Unprepared is Unacceptable

The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. Millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency mortgage protections expire this summer and fall. Servicers should dedicate sufficient resources and staff now to ensure they are prepared for a surge in borrowers needing help. The CFPB will closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation. The CFPB will consider a servicer’s overall effectiveness in helping consumers when using its discretion to address compliance issues that arise.

Category: Press release |
Published

Consumer Financial Protection Bureau Settles with Mortgage Servicer for Illegal Practices that Impeded Borrowers’ Attempts to Avoid Foreclosure

On December 18, 2020, the Consumer Financial Protection Bureau issued a consent order against Seterus, Inc. and Kyanite Services, Inc., as Seterus’s successor in interest, based on the Bureau’s finding that Seterus violated the Consumer Financial Protection Act of 2010 and Regulation X.

Category: Press release |
Published

Consumer Financial Protection Bureau Expands Foreclosure Protections

The Consumer Financial Protection Bureau (CFPB) today finalized new measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The updated rule requires servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, clarifies borrower protections when the servicing of a loan is transferred, and provides important loan information to borrowers in bankruptcy. 

Category: Press release |
Published

Consumer Financial Protection Bureau Outlines Guiding Principles For The Future Of Foreclosure Prevention

The Consumer Financial Protection Bureau (CFPB) today outlined consumer protection principles to guide mortgage servicers, investors, government housing agencies, and policymakers as they develop new foreclosure relief solutions. The Bureau’s action comes as the Department of Treasury’s Home Affordable Modification Program, a foreclosure relief program put in place in response to the financial crisis, is nearing its expiration date. 

Category: Press release |
Published

CFPB Proposes Expanded Foreclosure Protections

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) proposed additional measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The proposal would require servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, to put in place additional servicing transfer protections, and to take steps to protect borrowers from a wrongful foreclosure sale. The proposal would also help ensure that surviving family members and others who inherit or receive property have the same protections under the CFPB’s mortgage servicing rules as the original borrower.

Category: Press release |
Published

CFPB, Federal Partners, and State Attorneys General File Order Requiring SunTrust to Provide $540 Million in Relief to Homeowners for Servicing Wrongs

Today, the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ), Department of Housing and Urban Development (HUD), and attorneys general in 49 states and the District of Columbia filed a proposed federal court order requiring SunTrust Mortgage, Inc. to provide $500 million in loss-mitigation relief to underwater borrowers. The order also requires SunTrust to pay $40 million to approximately 48,000 consumers who lost their homes to foreclosure and $10 million to the federal government. The order addresses systemic mortgage servicing misconduct, including robo-signing and illegal foreclosure practices. SunTrust must also pay a $418 million penalty, in a parallel mortgage lending filing announced by DOJ today.

Category: Op-ed |
Published

New mortgage rules protect American dream

Crossposted from USAToday.com. This opinion editorial originally ran on January 7, 2014 online and in the print edition on January 8, 2014.  Let me tell you a common story I hear. It starts with a woman in 2005 or 2006 who took out a mortgage to buy her first home. After two years, her teaser interest […]

Category: Speech |
Published

Prepared Remarks by Holly Petraeus at Military Permanent Change of Station (PCS) Guidance for Mortgage Servicers Press Conference

We’re pleased to have the support of the prudential regulators who signed the guidance we’re announcing today – the Federal Reserve Board, the FDIC, the NCUA and the OCC – as well as that of the FHFA, the Department of Defense, the VA, USDA, Treasury, Justice, and HUD.

Category: Speech |
Published

Prepared Remarks by Richard Cordray before the U.S. Chamber of Commerce

And we have certain goals in common: a strong and vibrant financial sector; a highly competitive economy that works for Americans in both the short run and the long run; the ability to earn and maintain the public’s trust and confidence; and fidelity to the highest standards of business ethics, the kind that the Chamber was founded upon exactly a century ago.