CFPB: Servicers Fail to Protect Borrowers

April 26, 2017 Aly J. Yale

Through its supervisory activities, the Consumer Financial Protection Bureau has determined that some mortgage servicers are failing to provide adequate legal protection to struggling borrowers and have therefore violated the law. According to the Bureau’s Supervisory Highlights report released on Wednesday, CFPB examiners also found that some servicers mishandled escrow accounts, kept borrowers in the dark about their potential foreclosure prevention options, prematurely entered the foreclosure process, and sent incomplete bills and statements.

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