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ARTICLE · 05 SEPTEMBER 2024

CFPB Hits Executive Compensation In Action Against National Mortgage Servicer For Illegal Foreclosure Practices

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On August 21, the CFPB entered into a consent order with a nonbank mortgage servicer for mortgage servicing violations and for violating an earlier 2017 CFPB consent order for deficient foreclosure practices.

United StatesFinance and Banking
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Beineng Zhang
Beineng Zhang
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On August 21, the CFPB entered into a consent order with a nonbank mortgage servicer for mortgage servicing violations and for violating an earlier 2017 CFPB consent order for deficient foreclosure practices.

In 2017, the CFPB took action against the servicer for violations of the Real Estate Settlement Procedures Act (RESPA) and the Consumer Financial Protection Act (CFPA) for, among other things, taking prohibited foreclosure actions against, and having deficient loss mitigation processes in place for, borrowers. The Bureau alleged that the borrowers were not informed about critical information that was needed to apply for foreclosure relief. At that time, the Bureau ordered the servicer to stop the illegal practices and pay $1.15 million in consumer redress.

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