Describing his message as a “tough one,” CFPB Deputy Director Steven Antonakes told attendees yesterday at the Mortgage Bankers Association’s National Mortgage Servicing Conference that “continued sloppiness” by servicers “is difficult to comprehend and not acceptable.” While acknowledging the CFPB’s past statements that it would not immediately expect perfect compliance with the new mortgage servicing rules and instead would be looking at whether companies were making a good faith effort to comply, Mr. Antonakes’ remarks indicate that the CFPB will be taking a very narrow view of what constitutes a “good faith effort.”
via CFPB sends warning to mortgage servicers | CFPB Monitor.
