CFPB: Mortgage Servicers Rule Breaking Due to Technology

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CFPB: Mortgage Servicers Rule Breaking Due to Technology

Oct, 6th 2016

WASHINGTON Some mortgage servicers are failing to follow federal rules intended to help struggling borrowers avoid foreclosure, often because they use faulty technology, the U.S. agency charged with protecting consumers' finances said on Wednesday.

In a report, the Consumer Financial Protection Bureau found some servicers, the conduits for mortgage payments, are falling short of the rules put in place after the housing market imploded that allow borrowers to modify their loans and find alternatives to foreclosure. Generally, some servicers are giving homeowners wrong or outdated information, or no information at all, according to the report, which did not name servicers or provide statistics on the prevalence of rulebreaking.

"Mortgage servicers can't hide behind their bad computer systems or outdated technology. There are no excuses for not following federal rules," said...

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