10/1/14 1:00 PM

CFPB Takes First Enforcement Action Under New Mortgage Servicing Rules

On September 29th the CFPB issued its first fine under the new mortgage servicing rules.  An order was issued against Flagstar Bank for not acting in a timely manner in reviewing loss mitigation applications resulting in borrower's losing their homes.  Flagstar was ordered to pay $27.5 million to consumers and an additional $10 million fine to the CFPB.  See Director Cordray's remarks below.


Topics: Regulatory and Compliance

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