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On August 21, the CFPB issued a report which details mortgage servicing problems at banks and nonbanks, which include: (i) “sloppy” account transfers; (ii) poor payment processing; and (iii) loss mitigation mistakes. CFPB Release. CFPB Report.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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