CFPB Updates Mortgage Servicing Exam Procedures

On January 18, 2023, the CFPB  issued updates to the Mortgage Servicing Examination Procedures. The Examination Procedures describe the types of information that CFPB examiners gather to evaluate mortgage servicers’ policies and procedures; assess whether servicers are complying with applicable laws; and identify risks to consumers related to mortgage servicing. The updates to the procedures aim to provide transparency to stakeholders about how CFPB does its work.

According to the CFPB, the Mortgage Servicing Examination Procedures was revised to:

  • Cover forbearances and other tools that mortgage servicers have used during the COVID-19 national emergency, including streamlined loss mitigation options;

  • Integrate focus areas from the Bureau's Supervisory Highlights findings, including further questions about the fees servicers charge borrowers; and

  • Advise examiners to seek information on how the servicers communicate with borrowers about homeowner assistance programs.

The CFPB’s announcement can be found here.

The Updated Mortgage Servicing Exam Procedures can be found here.

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