Servicers And Servicing
Servicers have been a primary target of CFPB rulemaking and enforcement actions since the CFPB was established. Servicers have been a leading source of consumer complaints on and off over the years and from a policy perspective, regulators have been concerned with consumers generally being unable to choose their respective servicers. That is, servicers are not typically subject to usual free market principles in more established consumer direct markets. As a result, the CFPB through rulemaking and supervisory actions has required servicers to take more of a prominent role with consumers, independent of the requirements of lenders, investors and trusts for whom they may be performing the servicing function. SeldenLindeke attorneys have significant experience assisting servicers with applicable federal and state laws regarding disclosure and loss mitigation requirements, debt collection, proprietary loan modification programs, loan origination, foreclosure and various REO programs and property maintenance.
