The U.S. Consumer Financial Protection Bureau said it will focus on mortgage servicing as it begins supervision of the nation’s largest banks.
“Mortgage servicing has a huge impact on consumers and is a priority for the CFPB,” Raj Date, special adviser to the Treasury Secretary for the consumer bureau, said in an e-mailed statement today.
“We are going to take a close and measured look at whether servicers are following the law,” he said.
The supervisory program will focus initially on loans that are in default and homeowners who are struggling to make payments, the bureau said in the statement.
For example, the bureau will examine loan modification procedures to ensure that servicers are “providing information about alternatives to foreclosure that is accurate, prominent and clear,” the statement said. The agency will scrutinize the foreclosure process to make sure that “the borrower is actually in default and all of the necessary records have been carefully reviewed.”
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