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CFPB honcho rips servicers: Readers respond

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Mortgage Professional America | 21 Feb 2014, 12:39 AM Agree 0
The number-two man at the Consumer Financial Protection Bureau had some harsh words for the mortgage servicing industry this week. MPA readers had a few things to say about that
  • Nathan Smith | | 21 Feb 2014, 12:22 PM Agree 0
    Reader Ed is spot on. The CFPB is thrilled to use a broad brush to paint entire segments of the lending industry as incompetent or guilty just to make themselves appear vigilant.
    There are horrible servicers, but also horrible originators and investors. However, those remain minorities in a much bigger population. 2 often the CFPB's reaction is way too broad and stringent, with the net effect of keeping a whole, whole lot of consumers from home mortgages.
  • B. Lee | | 22 Feb 2014, 09:46 PM Agree 0
    I have been in the mortgage industry for approximately 27 years, several of those years in a mortgage mortgage servicing environment. In a capacity of customer service representative and customer service trainer, I can vouch that if you call the majority of servicers 5 times with the same question, you are likely to get at least four different answers. Additionally, the overall customer service industry does not strive to provide superior customer service. Not to mention the training methods for mortgage mortgage servicing personnel is geared toward systems knowledge and does not include training in actual customer relations.
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