Bradley attorney Jonathan Kolodziej was quoted in National Mortgage News on the release of the Consumer Finance Protection Bureau’s (CFPB) final mortgage serving rules. The 900-page regulation has received mixed reviews from industry and consumer groups, as it outlines some requirements but stops short of mandating particular processes.
“They [CFPB officials] have a general policy and procedure requirement but they decline to provide specific procedures,” said Kolodziej. In terms of privacy concerns, the rules provides limited guidance. “They [CFPB officials] don't believe that there are privacy concerns in a lot of scenarios, but they do they do believe there may be some,” Kolodziej explained.
In response to this, the CFPB rule suggests that servicers can respond to a consumer's request for mortgage information in line with a successor inquiry by omitting some information that would have raised privacy concerns, he said.
The complete article, “New CFPB Rule Gives Servicers Just Enough Rope to Hang Themselves,” appeared in National Mortgage News on August 16, 2016. (login required)