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| CFPB Tackles Fees from Mortgage Servicers |
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The CFPB Wednesday released its spring supervisory highlights detailing the bureau’s efforts to combat fees charged by mortgage servicers.
Examinations found servicers were:
• Charging illegal junk fees, such as prohibited property inspection fees;
• Sending deceptive notices to homeowners; and
• Violating loss mitigation rules that help struggling borrowers stay in their homes.
The report flagged some mortgage servicers were illegally charging and obscuring fees, held homeowners accountable for fees during the pandemic – even when those fees were waived – forced homeowners to pay penalties when the servicer missed deadlines to pay property taxes and insurance, and more.
The supervisory highlights also emphasized the bureau’s efforts to combat other fees, including overdraft fees. America’s Credit Unions will continue to engage the CFPB on fee-related issues.
Copyright 2024. America's Credit Unions. (link) |
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