CFPB Compliance Bulletin and Policy Guidance - Mortgage Servicing Transfers 2014-24194

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CFPB Compliance Bulletin and Policy Guidance – Mortgage Servicing Transfers 2014-24194

CFPB Compliance Bulletin and Policy Guidance – Mortgage Servicing Transfers 2014-24194

This document is scheduled to be published in the
Federal Register on 10/23/2014 and available online at
http://federalregister.gov/a/2014-24194, and on FDsys.gov

BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Part 1024

Compliance Bulletin and Policy Guidance – Mortgage Servicing Transfers

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Compliance Bulletin and Policy Guidance.

SUMMARY: The Bureau of Consumer Financial Protection (CFPB) is issuing a compliance
bulletin and policy guidance entitled “Compliance Bulletin and Policy Guidance – Mortgage
Servicing Transfers” in light of potential risks to consumers that may arise in connection with
transfers of residential mortgage servicing rights.

DATES: This bulletin is effective
and applicable beginning August 19, 2014.

FOR FURTHER INFORMATION CONTACT: Allison Brown, Program Manager (202)
435-7107; Yevgeny Shrago, Attorney, (202) 435-7098; or Whitney Patross, Attorney (202) 435-
7057, Office of Supervision Policy.

SUPPLEMENTARY INFORMATION:

 

I. Introduction

The CFPB is issuing this compliance bulletin and policy guidance to residential mortgage
servicers and subservicers (collectively, servicers), in light of potential risks to consumers that
may arise in connection with transfers of residential mortgage servicing rights. The CFPB’s
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 is continuing to monitor the mortgage servicing market and may engage in
further rulemaking in this area.

[…]

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