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Volume 25 - Number 12

June 9, 2014

CFPB Focused on Holding Student Loan Servicers Accountable

Rohit Chopra, the CFPB’s student loan ombudsman, appeared before the Senate Budget Committee last week and indicated the bureau remains intent on holding student loan servicers to account for their treatment of struggling borrowers. “Like many of the improper and unnecessary foreclosures experienced by many homeowners, I am concerned that inadequate servicing has contributed to America’s growing student loan default problem, now topping 7 million Americans in default on over $100 billion in balances,” Chopra said. “To ensure that we do not see a repeat of the breakdowns and chaos in the mortgage servicing market, it will be...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

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