CPFB Reaffirms Strict Monitoring of Mortgage Servicers

In a newly released blog post, the Consumer Financial Protection Bureau (CFPB) expressed they are closely monitoring what practices servicers are conducting to help borrowers avoid foreclosures. Lorelei Salas, Assistant Director for Supervision Policy, wrote that the CFPB will be watching borrower complaints with respect to modification options and whether sufficient time is being provided to borrowers to apply for the Homeowners Assistance Fund (HAF). The CFPB listed out expectations of servicers, one of which is strongly encouraging servicers to participate in voluntary HAF programs. Additionally, laying out expectations for servicers to train service representatives to help borrowers access the HAF program.

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