CFPB Revises Mortgage Servicing Transfer Guidance

The CFPB believes there are potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB has stated its concern in this area remains heightened due to the continuing high volume of servicing transfers. Servicers engaged in significant servicing transfers should expect that the CFPB will, in appropriate cases, require them to prepare and submit informational plans describing how they will be managing the related risks to consumers.

The CFPB has recently updated its guidance on mortgage servicing transfers (Bulletin 2014-01).  The revised guidance replaces CFPB Bulletin 2013-01 (Mortgage Servicing Transfers), released in February 2013, which also addressed servicing transfers.

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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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