If they stay true to their word, the CFPB will come knocking on the doors of many mortgage servicers this year. They’ll turn over every stone they can, and if they don’t like what they see, they’ll take punitive action.
Servicers that fall afoul of compliance regulations set themselves up for disaster. They face civil money penalties, of course, but the potential financial hit is nothing compared to the more severe consequences: lost time and a tarnished reputation.
Compliance always matters, but in the age of COVID-19, it matters tenfold. This white paper will cover strategies for compliant subservicing.
Date: June 2021