Mortgage servicing issues have been top-of-mind for Consumer Financial Protection Bureau (CFPB) examiners, as evidenced by the latest report outlining the bureau’s supervisory activities. According to the CFPB’s third Supervisory Highlights report, the agency has found issues related to servicing transfers, waivers of rights in loss mitigation agreements, payment processing and other areas. The bureau also announced it is taking steps to simplify its examination reports and supervisory letters.
The report, released on Jan. 30, chronicles bureau supervision work between July and October 2013. It recaps recent high-profile enforcement actions related to mortgage servicing, credit cards and other products and services. The CFPB also revealed that consumers received $2.6 million as result of overall non-public supervisory activities at the banks and nonbanks the bureau oversees.