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Volume 2014 - Number 37

October 2, 2014

Flagstar’s $37.5M Settlement with CFPB Removes Uncertainty, Sends Chill to Servicers, MSR Market

Mortgage servicers will likely proceed more carefully with their borrower interactions after the Consumer Financial Protection Bureau compelled Flagstar Bank to pay $37.5 million to settle allegations it interfered with borrowers’ attempts to save their homes. In the first enforcement action based on its new mortgage servicing rule, the CFPB ordered Flagstar to pay $27.5 million to the victims, and $10 million in to the bureau’s civil penalty fund. According to the consent order, Flagstar committed...

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