Servicers still afoul of CFPB transfer rules

richard cordray
By Ryan Bolger
16 Mar 2015

Many mortgage servicing rights transfers have not complied with rules finalised by the Consumer Financial Protection Bureau two years ago, according to a staffer at the agency.

“We have found that there are still many problems with transfers of servicing,” Laurie Maggiano, head of the CFPB’s servicing and secondary markets programme, told market participants at IMN's mortgage servicing conference on Monday. “You should be able to transfer these loans with no delay and no downtime.”

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