Deputy Director of the Consumer Financial Protection Bureau (CFPB), Steven Antonakes, speaking at the Mortgage Bankers Association’s (MBA) Servicing Conference, pointedly blamed the servicers for the many foreclosures outstanding and the home owners still underwater on their mortgages. According to nationalmortgagenews.com he said, “This kind of continued sloppiness is difficult to comprehend and not acceptable. It is time for the paper chase to end.” Despite his harsh words, other CFPB personnel at the conference were more interested in working with servicers in the future than laying blame for the past. However, CFPB program manager for mortgage servicing, Allison Brown, noted a high number of consumer complaints concerning mortgage servicing, especially those with an approved loan modification in place. As MHProNews.com understands the bottom line: The CFPB wants to work with servicers, but the close scrutiny will continue, so servicers need to refine their compliance management. ##
