Successor-in-Interest Confirmation Process a Challenge for Servicers
January 30, 2017
Putting in place a successor-in-interest confirmation process that complies with the CFPB’s updated mortgage servicing rules is going to be a big hurdle for mortgage servicers to overcome, according to attorneys with the Bradley law firm. “Arguably the most significant element of the recent amendments to the existing mortgage servicing regulatory framework by the CFPB is the new structure that has been laid out for dealing with potential and confirmed successors in interest,” the attorneys said in a recent online blog post.As they see it, fully complying with the new rule is going to require a significant amount of institutional exertion, no matter a servicer’s size. “One of the more time-intensive – and therefore costly – aspects of the rule is ...