On June 23, 2015, the Bureau issued its eighth edition of Supervisory Highlights (the "Report") in which the CFPB shared its "recent supervisory observations in the areas of consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending." The CFPB reported that, for the first four months of 2015, "supervisory resolutions have resulted in remediation of approximately $11.6 million to more than 80,000 consumers."
The Report showed a focus on compliance with the CFPB mortgage servicing rules that took effect on January 10, 2014. The accompanying press release stated that CFPB examiners found at least one servicer that "sent notices of intent to foreclose to borrowers already approved for trial modifications," and noted that "[t]his dual-tracking could mislead consumers to believe the servicer had abandoned the trial modification." Other identified servicing problems included the mishandling of loss mitigation applications, including failing to send acknowledgment or determination notices and requesting documents from the consumer that were already provided or were not required, as well as sending notices of imminent foreclosure to borrowers who were current on their loans due to system errors.
While the Bureau also reported problems with debt collection, consumer credit reporting and student loan servicing firms, Director Richard Cordray emphasized "extreme[] concern[] that one year after the CFPB's mortgage servicing rules went into effect we are still finding runarounds and illegal dual-tracking."
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