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ARTICLE · 09 MAY 2024

CFPB Bemoans "Junk Fees" In Mortgage Servicing

Goodwin Procter LLP
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On April 24, 2024, the CFPB released its Supervisory Highlights, Mortgage Servicing Edition, (Issue 33, Spring 2024) which provides insight on the CFPB's current focus in examining mortgage loan servicers.

United StatesFinance and Banking
Collin Grier
Collin Grier

On April 24, 2024, the CFPB released its Supervisory Highlights, Mortgage Servicing Edition, (Issue 33, Spring 2024) which provides insight on the CFPB's current focus in examining mortgage loan servicers. According to the CFPB it "continues to prioritize scrutiny of exploitative illegal fees charged by banks and financial companies, commonly referred to as 'junk fees.'" This continues the CFPB's trend of targeting what it calls "junk fees" which in recent months has extended to fees related to mortgage servicing.

The Supervisory Highlights summarize the results of the CFPB's examinations of mortgage servicers from April 1, 2023 to December 31, 2023. In the Supervisory Highlights, the CFPB claims that "[e]xaminers continue to find supervised mortgage servicers assessing junk fees, including unnecessary property inspection fees and improper late fees" which the CFPB claims are unfair, deceptive, and abusive acts or practices ("UDAAPs") in violation of 12 U.S.C. §§

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