A year after sending shockwaves through the mortgage industry by targeting vendors who were performing “poorly,” Consumer Financial Protection Bureau Director Richard Cordray returned to the stage at the Mortgage Bankers Association annual convention with a carrot for the audience.
It was quickly followed by a large stick.
In a speech that lasted 20 minutes and stuck closely to prepared remarks, Cordray told the audience what the CFPB’s expectations were for servicing compliance, fair lending practices, and consumer complaint management. And they weren’t always what previous standards for the CFPB have been. Read on for the details.