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CFPB rep tears into mortgage servicers

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Mortgage Professional America | 20 Feb 2014, 12:04 PM Agree 0
The deputy director of the CFPB says too many customers get 'erratic and unacceptable treatment' from servicers who fail 'to perform basic functions correctly'
  • Bayview Mortgage Inc | | 20 Feb 2014, 12:49 PM Agree 0
    I get 10 calls a day from citibank and bank of america borrowers whos mortgages have been transfered to Bayview Financial Loan servicing for foreclosure. I have a problem with citibank and bank of america giving my private number out when they are transfering the mortgages to a totally different company and giving out the wrong phone number. This process of transfering bad mortgages to foreclosure servicers would stop if a rule were enacted saying if the borrower is behind in payments. the servicing can't be transfered.
  • John | | 20 Feb 2014, 01:00 PM Agree 0
    Yes, lets get the CFPB on to servicers and off of originators - please!
  • PierceSmithMortgage.com | | 20 Feb 2014, 01:41 PM Agree 0
    We applaud and support professionalism, honesty, compliance, and utmost customer service!

    Keep the rules coming but with enforcement!
  • Jim in Connecticut | | 20 Feb 2014, 01:57 PM Agree 0
    What? You mean they're finally going to try to crack down on the "Designed to Foreclose" servicer shenanigans that have systematically destroyed the ability of hundreds of thousands of people to own their own homes, whilst enriching countless other well-connected individuals?
  • Contrary to U.S. Principles... | | 20 Feb 2014, 02:06 PM Agree 0
    One department making, enforcing, judging, and sentencing you with no oversight.

    Government efficiency at it's finest?
  • DM | | 20 Feb 2014, 03:12 PM Agree 0
    This article is written in effect of the CFPB flexing there muscles. Some good most bad. But just to the right of this article is the CFPB "VAGUE AND UNCETAIN Rule making. Now I'm really confused. one minute there Arnold S. and the next there pee wee Herman Please make up my mind I think its a bunch of suits behind computers and desks that can't figure out there right from there left Just another normal government strategy to entertain the fact they are in charge(which is very debateable)
  • Ed | | 21 Feb 2014, 09:34 AM Agree 0
    The CFPB are the Crusaders out to save the world from the big, evil mortgage companies. I am sure that there are some examples of mortgage services providing poor service but the fact is the majority of servicers do a pretty good job in a really tough environment. The CFPB though is happy to paint all of us with one brush because it makes them look as if they are being vigilant. It has become a very political agency of this government.
  • Frank Demarais | | 21 Feb 2014, 10:04 AM Agree 0
    Abuse of captive customers needs policing - subprime-like fraud and abuse has migrated to servicing shops. I counsel lower income condo owners in DC (Manna, NWO for DC) and have had to fight forced placed insurance on owners with in place condo master policies, no notices and then put into foreclosure status based on diversion of timely scheduled payments toward $400 per mo erroneous policies which benefit the servicer, taking 6-12 months to correct with servicer (Nationstar) fighting these homeowners who had never missed a payment every step, and no recourse to any regulator with teeth. Resounding Applause from this community for the CFPB bearing its teeth.
  • GSeymour | | 02 Mar 2014, 07:06 PM Agree 0
    In the meantime.......who does the borrower go to for help when they are getting screwed by OCWEN? After a homeowner reports the situation to the CFPB, the CFPB does nothing to help the borrower.
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