|
|
|
|
Complete list of specialty news sections.
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.
Archive of MortgageDaily.com stories by month going back to 1999.
Reports and announcements from MortgageDaily.com.
Data and statistics for real estate finance.
Directories of lenders, branch operators and mortgage service providers.
Directories of lenders, branch operators and mortgage service providers.
|
|
|
|
|
CFPB Official Blasts Servicers
Comments made at MBA conference
Feb. 19, 2014
By Mortgage Daily staff
|
Attendees at a mortgage servicing conference this week might have gotten more than they bargained for when the Consumer Financial Protection Bureau's No. 2 stepped up to the podium.
The Mortgage Bankers Association is hosting its National Mortgage Servicing Conference & Expo until Friday in Orlando, Fla.,
Among speakers scheduled to present Thursday at the event was Steven Antonakes, who is the deputy director of the CFPB.
Before his time at the CFPB, Antonakes spent time as a bank examiner and at the Massachusetts Commissioner of Banks, according to a copy of his prepared remarks.
Antonakes said that in 2006, he convened a housing summit in Massachusetts to bring together housing counselors, industry officials and government officials in response to the alarming rate that delinquencies and foreclosures were rising.
The regulator explained that servicers' low-cost models were no match for the tsunami of delinquencies that hit.
Antonakes outlined a series of CFPB requirements designed to address servicing deficiencies.
Communication was cited as one of the biggest deficiencies.
"Nearly eight years have passed and I remain deeply disappointed by the lack of progress the mortgage servicing industry has made," he said.
Antonakes noted that around 4,900 of the 20,000 complaints received by the CFPB in January were about mortgages.
He said that servicers have had more than a year to implement new servicing rules.
For its part, the CFPB has been issuing notices and rules and addressing problem issues.
Antonakes expressed frustration with servicers and noted that it has felt like "Groundhog Day" with servicing for too long.
"So let me very clearly lay out our expectations. In these very early days, technical issues should simply be identified and corrected," he said. "More substantively: We expect you to conduct outreach to ensure that all consumers in default know their options. We expect you to assess loss mitigation applications with care, so that consumers who qualify under your own standards get the loss mitigation that saves them -- and the investor -- from foreclosure."
He added that the fundamental rules of servicing have changed forever.
Antonakes said he didn't expect a standing ovation when he leaves the podium. |
next story
back to current headlines
|
Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
|
Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.
|
Mortgage Conference News | Conference Calendar | Webinars
News about mortgage-related conferences and schedule of mortgage conferences,
mortgage Webinars and other mortgage events.
upcoming events: October | November | December | full calendar
|
|
|