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ARTICLE · 16 NOVEMBER 2021

CFPB Announces Return To Mortgage Servicing Enforcement

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Mortgage servicers should prepare for increased scrutiny of their default servicing activities.

United StatesFinance and Banking
Christa Bieker
Christa Bieker
Krista Cooley
Krista Cooley
Stephanie Robinson
Stephanie Robinson
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Mortgage servicers should prepare for increased scrutiny of their default servicing activities. Earlier this week, the Consumer Financial Protection Bureau ("CFPB" or "Bureau"), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, issued a statement that the agencies would resume their full supervision and enforcement of mortgage servicers, ending the flexible approach the agencies announced at the onset of the COVID-19 pandemic. This move is consistent with the Bureau's March 2021 rescission of similar statements issued during the pandemic that provided temporary flexibilities to financial institutions.

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