Richmond partner on CFPB proposals on new regulations for mortgage servicers
Financial Services Litigation co-practice group leader and Richmond partner David Anthony was quoted in an April 10 Law360 article about industry groups giving cautious applause to the Consumer Financial Protection Bureau’s (CFPB) proposals to impose new regulations on mortgage servicers.
The article stated that attorneys, however, are worried about the specific time limits that the CFPB may prescribe for mortgage servicers to address borrowers' complaints. According to a background document provided by the CFPB, mortgage servicers will have five days to answer customer complaints and 30 days to complete an investigation.
“Setting those kinds of guidelines will make it hard for smaller servicers to comply, if they are subject to CFPB rules,” said Anthony, “and may be a standard that is unattainable even for larger servicers.”