Mortgage servicers are under ever increasing regulatory scrutiny. Regulatory bodies including the Consumer Financial Protection Bureau (CFPB) are now more focused on the crucial aspects of servicing operations during their examinations.
The regulators’ role is to ensure compliance with laws, protect consumers, and promote fair lending practices. Specific areas of scrutiny include loan modifications, foreclosure processes, complaint handling, billing, and adherence to consumer protection laws.
The intensified scrutiny is driven by a desire to enhance transparency, address past misconduct, and prevent financial fraud.
This article is originally published by – MortgageOrb