February 11, the CFPB issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. The guidance also indicates that the CFPB will look at: (i) how a servicer has prepared for the transfer of servicing rights or responsibilities; (ii) how the new servicer handles the files it receives through a transfer; and (iii) what policies the servicers have to prevent borrower harm for loans with loss mitigations in process. CFPB Release. CFPB Bulletin.
