Volume 25 - Number 5
March 3, 2014
Antonakes Rips Mortgage Servicers For Not Making More Progress
CFPB Deputy Director Steven Antonakes was harshly critical of the mortgage servicing industry and put servicers on notice they'll likely have a higher bar when it comes to making a good-faith effort than perhaps they were anticipating. Speaking last month at the Mortgage Bankers Association's mortgage servicing conference, Antonakes noted that back in 2006, when he worked as the Massachusetts Commissioner of Banks, he collaborated with the industry, urging servicers to increase the pace of loan modifications and engage in best practices.
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