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Volume 10 - Number 20

September 29, 2017

HUD Seeks Some Flexibility in Implementing Servicing Policy

The Department of Housing and Urban Development has asked its inspector general for some leeway in making much needed changes to ensure servicers are employing loss mitigation. Responding to an audit, HUD asked the IG to modify some of the recommendations to enable the agency to make policy changes where needed and in a suitable format. HUD also requested that recommendations regarding indemnification and servicing be tweaked so that remedies will be required only when a deficiency is found. The IG audit was based on the result of an analysis, which showed that servicers may not be always evaluating delinquent FHA borrowers for loss mitigation as required and that HUDís oversight in this area is weak. According to the findings, HUD did not have adequate controls to ensure that servicers of FHA-insured single-family loans properly engaged in ...

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What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.
I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.
Not bad, but he needs to take his time making additional changes.
We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!

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