CFPB deputy director delivers tough compliance message during the MBA's mortgage servicing conference

Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes delivered prepared remarks during the Mortgage Bankers Association's National Mortgage Servicing Conference & Expo in Orlando today in which he said he was "deeply disappointed by the lack of progress the mortgage servicing industry has made" since the financial crisis, noting that the "fundamental rules" of mortgage servicing have "changed forever" and that the bureau is "ready, willing and able to vigorously enforce" the new bar it has set regarding the treatment of American consumers. With one in 10 homeowners still underwater and two million households at high risk for foreclosure, he said the bureau's work is "far from over." Antonakes highlighted how the Loan Originator Compensation rule and the Ability to Repay (QM) rule aim to clean up the mortgage market by restricting certain practices and helping borrowers know where they stand (See our Jan 10, 2014, blog post for more information). The deputy director said the bureau has been and continues to be responsive to "critical operational or interpretive issues" related to implementation of the new rules and he outlined the bureau's specific expectations for compliance. For more, read the full prepared remarks.

Consumer Financial Protection Bureau, Federal Regulatory