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Volume 2014 - Number 33

September 4, 2014

Industry Gets Some Guidance From CFPB on Servicing Transfers, Questions Still Unanswered

The Consumer Financial Protection Bureau provided fresh guidance on mortgage servicing transfers last month, but lenders say there are still plenty of unresolved issues. In August, the CFPB put out an updated compliance bulletin on mortgage servicing transfers that augments existing guidance from last year to reflect the agencyís complex mortgage servicing regulation, as well as its supervisory and enforcement activities during the last year and a half. Bob Davis, head of mortgage markets, financial management and public policy at the American Bankers Association, said...

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Poll

With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.

33%

No. It’s still difficult compliance/regulatory-wise.

20%

Maybe. It’s under consideration.

33%

Not now. But things could change as 2018 progresses.

13%