Loan Servicing

News & Analysis as of

Department of Education Extends CDR Relief to Schools With Borrowers Facing “Split Servicing”

In advance of the release of the official FY2011 Cohort Default Rate (CDR) data, the U.S. Department of Education (Department) announced that the Department has “adjusted how it calculates CDRs for any institution that...more

Servicer’s Error Leads to $16 Million Award

Kate Berry reported in American Banker and SourceMedia’s National Mortgage News on how a $616 servicing error snowballed into a $16 million jury verdict. It was reported that a jury last month awarded $514,000 in compensatory...more

Rhode Island Adds Loan Servicer Licensing, Other Requirements

On July 8, Rhode Island Governor Lincoln Chafee signed HB 7997, which extends the state’s licensing requirements to include companies servicing a loan, directly or indirectly, as a third-party loan servicer. Under the...more

Cordray stresses individual accountability and service provider oversight in remarks to Chicago Fed

In remarks to the Chicago Federal Reserve Bank on May 9, Director Cordray outlined the past and future of the Bureau’s enforcement efforts. Director Cordray’s theme was to outline Bureau expectations in what he calls a “new...more

CFPB’s hand seen in student loan bill

Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.” On March 1, 2014, the CFPB will begin overseeing servicers of federal and private...more

CFPB Finalizes “Larger Participant” Rule For Student Loan Servicing, Updates Exam Procedures

On December 3, the CFPB issued a final rule that will allow the Bureau to supervise certain nonbank student loan servicers for the first time. The CFPB already oversees student loan servicing at the largest banks. ...more

CFPB Finalizes Rule Defining “Larger Participants” of the Student Loan Servicing Market

Noting that “student loan servicing is an important activity that affects millions of consumers,” the CFPB issued a final rule allowing it to supervise certain nonbank student loan servicers for the first time. The rule...more

CFPB Asks Student Loan Servicers About Payment Practices

On November 26, the CFPB sent a letter to student loan servicers offering them an opportunity to submit information about the options they make available to borrowers seeking to make extra payments on their private student...more

CFPB Finalizes Rule To Supervise Student Loan Servicers

The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank servicers of private and federal student loans who qualify as “larger participants” in the student loan servicing market. The...more

Massachusetts Finalizes Debt Collection And Loan Servicing Rule

On October 17, the Massachusetts Division of Banks released final regulations intended to parallel and supplement new mortgage servicing requirements promulgated by the CFPB and included in National Mortgage Servicing...more

CFPB Proposes Changes to Points and Fees, Loan Originator Compensation Provisions

As we reported in CFPB Monitor, the Consumer Financial Protection Bureau proposed changes earlier this week to the mortgage rules adopted in January 2013. Comments on the proposal are due July 22, 2013....more

Freddie Mac Announces Numerous Servicing Requirements

On June 14, Freddie Mac issued Bulletin 2013-10 to announce servicing policy changes with regard to Hurricane Sandy, foreclosure and alternatives to foreclosure, and other servicing issues....more

CFPB Proposes Rule to Supervise Largest Nonbank Student Loan Servicers

The Consumer Financial Protection Bureau has announced its intention to oversee the nation's largest nonbank loan servicers, which service more than one million accounts each year, in the higher education loan market. While...more

CFPB Proposed Rule for Nonbank Student Loan Servicers

On March 14, the CFPB proposed a rule that would allow it to federally supervise certain nonbank student loan servicers. ...more

CFPB Proposes Rule To Supervise Nonbank Student Loan Servicers

On March 14, the CFPB proposed a rule to allow it to supervise “larger participant” nonbank student loan servicers. The CFPB has authority to supervise, regardless of size, nonbanks that originate private education loans, and...more

Financial Services Bulletin: CFPB Proposes Student Loan Rule

On Thursday, March 14, 2013, the Consumer Financial Protection Bureau (the "CFPB") propoed, pursuant to Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a rule that would identify a market for student...more

CFPB proposes supervision of nonbank private and federal student loan servicers

The CFPB has issued a proposal to supervise nonbank student loan servicers who qualify as “larger participants” in the student loan servicing market. The CFPB already supervises student loan servicing by larger banks. It also...more

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. ...more

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