A Florida federal judge termed a CFPB lawsuit against Ocwen Financial for widespread mortgage servicing failures as “shotgun pleading.” The court, however, allowed the CFPB to amend and refile the suit.
As a leader of consumer protections at the state level, New York recently enacted legislation to prevent mortgage scams and impose additional obligations on mortgage servicers.
Buyers of mortgage servicing rights should be held responsible for violations that occur after the transfer, even if certain obligations were subcontracted out, the CFPB said in a recent court filing.
The CFPB, in an assessment report last week, underscored the need to resolve the status of the temporary government-sponsored enterprises “patch” under the ability-to-repay and qualified mortgage rule.