Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

CFPB blasts servicing industry for ‘outdated technology’

Notify me of new replies via email
Mortgage Professional America | 22 Jun 2016, 03:30 PM Agree 0
The CFPB says deficient technology is causing servicers to violate regulations – a situation for which there is ‘no excuse,’ the agency says
  • DingyHarry | | 22 Jun 2016, 04:05 PM Agree 0
    Hey, can I help it if my servicing records were on Hillary's email server ???
  • Concerned lo | | 22 Jun 2016, 04:37 PM Agree 0
    Wonder if they might have funds to invest in new technology if there wasn't such a concern over the ever present fears of big fines from the cfpb
  • Death by Regulation | | 22 Jun 2016, 04:38 PM Agree 0
    Really??? Insane, lets work on the irs, cyber security, and power grids problems. Lets start with a presidential appointment that was not approved by congress. Technically every single thing he signs off on is invalid from the start. But, hey, we dont follow laws in this country anymore, just bend and twist them all with political corruption until good is evil, and evil good.
  • BEAU | | 22 Jun 2016, 04:41 PM Agree 0
    REALLY OBAMA OR RICHARD CORDORDAY !!!!!!!!!! YOU NEED TO CORRECT HILLARY'S SERVER BEFORE YOU WORRY
    ABOUT A MORTGAGE CO YOU JERKS!!!!!
  • Griff | | 23 Jun 2016, 02:09 PM Agree 0
    Hmm, maybe not every institution has all the money the cfpb does. For my little small company I'm sitting here waiting on an appraisal two weeks for which the borrower paid 45% more than he would have five years ago. Cash flow is a problem when mortgages don't close because the bureaucrats have designed a poorly functioning monster in AMC's. So, no everyone does not have the budget and sky's the limit spending the cfpb does.
  • KAS | | 26 Jun 2016, 02:49 AM Agree 0
    "CFPB Director Richard Cordray had no sympathy for servicers whose outdated systems caused problems".....HELLO!!
    CFPB HAD A RESPONSIBILITY TO CONSIDER ALL THE RAMIFCATIONS TO THE LENDERS.....PERHAPS THEY SHOULD PAY FOR OUR UPGRADES!!!
    AFTER THE MARKET CRASH WE HAD TO UPDATE SOFTWARE DUE TO DUE TO SECURITY...AND THEN WE HAD TO UPDATE OUR
    LOAN SOFTWARE....AND THE WE HAD TO UPDATE OUR COMPUTERS FROM XP PROFESSIONAL AND WINDOWS 7 TO WINDOWS 10....

    ENOUGH IS A ENOUGH. MAKING AN HONEST LOAN IS NOT THAT HARD, PROTECTING THE CONSUMER IS NOT THAT HARD,AND DOES NOT TAKE UPGRADING THE SYSTEMS, ETC TO DO IT. CFPB SUCKS - AND THEIR ATTITUDE REFLECTS THEIR HIGH AND MIGHTY ATITITUDE, AND NO TOLERANCES AND NO WARNINGS.....HOW THE HELL DO THEY GET ELEVATED TO GOD...! THEIR CRAPY REGULATIONS CAN NOW ALSO DICTATE OUT TECHNOLOGY.

    HOW IS IT EVERYONE WAS ASLEEP WHEN CFPB MORPHISED.... AND HATS OFF TO BEAU WHO SAID "REALLY OBAMA OR RICHARD CORDORDAY !!!!!!!!!! YOU NEED TO CORRECT HILLARY'S SERVER BEFORE YOU WORRY
    ABOUT A MORTGAGE CO YOU JERKS!!!!! "

    LADIES AND GENTLEMEN - HILARY LOVES CFPB AND IF ELIZABETH WARREN IS HER VP- SHE'S IN LOVE CFPB TOO!!! COME ON NATION- LETS WAKE UP- DO LET THE POLITICIANS PROVE WE THE PEOPLE CAN NOT THINK FOR OURSELVES!!!
Post a reply