A Spur or a Burr? CFPB Issues New Exam Procedures and Supervisory Highlights on Mortgage Servicing

For those who thought that the Consumer Financial Protection Bureau (CFPB) may be getting bored with US mortgage loan servicing as it turns its attention to arbitration clauses, payday lending and other non-mortgage consumer credit issues, no such luck. Last week, the CFPB released a “special edition” of its Supervisory Highlights focused on examinations of mortgage servicers and an update to the mortgage servicing chapter of the CFPB Supervision and Examination Manual—releases that the CFPB said are intended to “spur industry in its general compliance with CFPB rules.”  Read more about the CFPB’s spur in Mayer Brown’s Legal Update, available here.