NTC comments on best practices to stay in compliance with the August 2014 CFPB bulletin on mortgage servicing transfers.
Palm Harbor, FL (PRWEB) October 16, 2014
The Consumer Financial Protection Bureau (CFPB), on August 19, issued a compliance bulletin and policy guidance titled: Mortgage Servicing Transfers. The guidance replaces the earlier document with the same title, and directly addresses the highlighted concerns that the transferor and transferee in all transactions involving MSR or whole loan sales are jointly and separately responsible for the integrity of the data and documents of all loans involved in the transfer. The document puts particular attention on loans involved in residential mortgage servicing transfers with pending loss mitigation activities.