01/14/2022 | News release | Archived content
On December 8, 2021, the Consumer Financial Protection Bureau (CFPB) published the 25th edition of its Supervisory Highlights report, which summarized key findings from examinations completed between January 2021 and June 2021. While the report covers a number of areas of consumer finance, it specifically stated the CFPB "is prioritizing mortgage servicing supervision work in light of the increase in borrowers needing loss mitigation assistance this year." Consistent with this, the report identifies a number of unfair acts or practices allegedly committed by an unspecified number of mortgage servicers. Specifically, it found that one or more mortgage servicer:
It also found that one or more mortgage servicer violated Regulation X and Regulation Z, respectively, by:
Finally, it found that one or more mortgage servicer violated the Homeowners Protection Act by "fail[ing] to terminate [private mortgage insurance] on the date the principal balance of the mortgage was first scheduled to reach 78 percent loan-to-value on a mortgage loan that was current."
For additional information regarding the above findings, along with the CFPB's findings for other areas of consumer finance, please access a copy of the report by clicking here.