Although its new mortgage servicing regulations do not take effect until next January, the CFPB sent a reminder to residential mortgage servicers last week that they need to be ready now for the CFPB to take a close look at their operations. In Bulletin 2013-1, the CFPB issued guidance warning servicers and subservicers that CFPB examiners will be looking carefully at their compliance with federal law and focusing on specific areas related to servicing transfers. Our legal alert contains a summary of the bulletin.
On March 28, 2013, from 3 p.m. to 4 p.m. ET, Ballard Spahr will hold a webinar, “The CFPB’s Servicing Transfers Bulletin: What the CFPB Expects from Mortgage Servicers.” More information on the webinar and a link to register can be found here.