Source: Housing Wire —
HousingWire: How does Fair Lending affect mortgage servicing?
Amanda Phillips: The Consumer Financial Protection Bureau (CFPB) has repeatedly signaled throughout the past year via blogs, press releases, reports, its Fall 2021 Supervisory Highlights, and requests for information its view that fair lending and fair servicing are, in essence, one and the same.
The CFPB has cited specific servicing concerns, including violations of the CARES Act. An example of a CARES Act violation cited is charging borrowers, who are in forbearance, fees for nonpayment. The CFPB has also taken a heightened interest in “junk fees,” stating, among other things, in a press release announcing a request for information that, “[the] CFPB is concerned about fees that far exceed the marginal cost of the service they purport to cover.”
