Top CFPB Official, Steven Antonakes Vows to Crack Down on Mortgage Servicers

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Top CFPB Official, Steven Antonakes Vows to Crack Down on Mortgage Servicers

Top CFPB Official, Steven Antonakes Vows to Crack Down on Mortgage Servicers

Like the rest of them in the past who disappointed us after vowing to do the same…I’ll believe it when I hear it!


American Banker-

No more Mr. Nice Guy.

That was the message that the Consumer Financial Protection Bureau’s No. 2 sent to mortgage servicers attending an industry conference on Wednesday. Steven Antonakes, the agency’s deputy director, said that servicers have had more than a year to prepare for a reform rule that took effect last month and suggested the CFPB would move quickly and harshly against violators.

Antonakes acknowledged that the agency has previously suggested it would be tolerant of mortgage servicing companies so long as they were making a “good-faith effort” to comply with the rule, but he warned that such allowances only extend so far.

[AMERICAN BANKER]

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