Bradley attorney Jonathan Kolodziej was quoted in Inside Mortgage Finance on what mortgage servicers can expect under Biden's nominee to lead the CFPB, Rohit Chopra.
“I think mortgage servicers should expect increased scrutiny under the new administration. Assuming that Chopra is confirmed … I believe the move signals that we are likely to experience a more aggressive CFPB across the board. Even before the November elections, we heard that mortgage servicing was going to be a higher priority area for the bureau’s supervision in 2021," Kolodziej said.
“With COVID-19-related issues still dominating the landscape (with no clear end in sight) and fair lending issues likely to become more of a priority, that puts the mortgage industry right in the crosshairs. Even though Chopra is known for his time as a student loan ombudsman, I believe the mortgage servicing industry is going to be one of the bureau’s highest priorities for the foreseeable future,” he added.
The original article, "Will CFPB Restore DTI? Director Kraninger Quits," appeared in Inside Mortgage Finance on January 21, 2021 (login required).