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CFPB Deputy Director Tells Mortgage Servicers He is ‘Deeply Disappointed’ With Their Practices

Steven Antonakes
Steven Antonakes

Speaking as an invited guest to a conference of the Mortgage Bankers Association yesterday in Orlando, Steven Antonakes, deputy director of the Consumer Financial Services Bureau, told the industry group he was “deeply disappointed” by their lack of progress in improving the mortgage servicing industry.

Noting that “too many [mortgage] customers continue to receive erratic and unacceptable treatment,” Antonakes added that “[t]his kind of continued sloppiness is difficult to comprehend and not acceptable.” Pointing to the bureau’s new mortgage rules, which became effective Jan. 10, Antonakes warned the mortgage servicers “it is time for the paper chase to end.”

The CFPB’s new rules require servicers to maintain accurate records, give assistance to troubled borrowers, fix errors brought to their attention and credit payments without delay. Antonakes told the group the CFPB expects mortgage servicers to make a good faith effort to comply with the new regulations and, more specifically, to identify and correct technical issues, conduct outreach to troubled borrowers to give them options and make greater efforts to prevent homes from going into foreclosure.

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