CFPB officials directed critical questions at Appraisal Foundation President David Bunton during a recent hearing by the Federal Financial Institutions Examination Council’s Appraisal Subcommittee.
Julie McCurley, director of servicing at Mortgage Quality Management & Research, noted that subservicers typically review 10% of their entire portfolio, which consists of loans from multiple clients, providing a low probability for one client’s loans to be reviewed in a subservicer’s audit cycle.