While overall, consumer complaints to the CFPB were up 54% year-over-year, complaints against mortgage companies were up just 7

While overall, consumer complaints to the CFPB were up 54% year-over-year, complaints against mortgage companies were up just 7

“We are committed to working with the CFPB and other government agencies, the mortgage industry, community leaders, mortgage investors/guarantors and others in determining how to best serve our customers and communities, particularly racially and ethnically diverse communities that have been disproportionally impacted by the pandemic,” Wells Fargo said.

Carissa Robb, president and chief operating officer of Constant AI, a fintech providing automated loss mitigation, said the proposal could have potentially title loans Michigan negative consequences on the larger housing market.

“Whether you agree to disagree with the proposal, the industry should also prepare for the consequences of such a moratorium, including the fact the strength of the housing market today may suffer, reducing property values and increasing deficiencies post-sale as an abundance of distressed properties flood the market over the next 24+ months,” Robb said.

“It will also introduce an increase of strategic defaults where the proposed regulations weaken the ability to enforce delinquency consequences; this population and credit risk is separate and apart from those exposed by unfair actions of servicers. We’re more than a year into the pandemic and more than a decade past the Great Recession – we have the tools and experience to do a better job at mitigating loss this time around,” Robb said. Pokračovat ve čtení „While overall, consumer complaints to the CFPB were up 54% year-over-year, complaints against mortgage companies were up just 7“