The Consumer Financial Protection Bureau’s (CFPB) Spring 2024 report on mortgage servicing reveals critical issues that prospective and current homeowners should be aware of. The report highlights a troubling trend of unauthorized charges and deceptive practices in mortgage servicing, which could impact a homeowner’s financial stability and property rights. For instance, some services were found to be charging illegal property inspection fees, particularly on Fannie Mae loans, despite guidelines clearly prohibiting such fees when certain conditions are met. These unjust fees, ranging from $10 to $50, were imposed even when borrowers were actively engaging with their servicers, highlighting a significant breach of trust and a potential drain on homeowner resources .
Moreover, the report exposes servicers for levying unauthorized late fees, violating both consumer trust and regulatory requirements. These overcharges, which occurred due to flawed administrative processes or oversight, are especially egregious as they can unfairly increase the financial burden on homeowners. The CFPB’s commitment to scrutinizing such practices is a reminder of the need for vigilance among consumers. The report’s findings underscore the importance of homeowners staying informed and proactive in managing their mortgage accounts to avoid falling victim to these predatory practices. For a deeper understanding and additional details, consider reviewing the complete report below .
CFPB Supervisory Highlights – Mortgage Servicing Edition – Spring 2024
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