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What Does 'Seamless Handoff' Mean to You?

What Does 'Seamless Handoff' Mean to You?

George FitzGerald

Earlier this year, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that specifically called out its ongoing concerns with servicers in the areas of loss mitigation and transfers. The Transfer of Servicing Rules (Regulation X, Part 1024 of the Code of Federal Regulations and guidance from CFPB Bulletin 2-14-01) address important servicing transfer requirements, including those that are intended to help protect consumers from any disruption in the application of their payments or in the conduct of loss mitigation processes that may be under way. The rules are also intended to help consumers know who their servicer is, know how to contact the organization that is servicing their loans, and ensure that they do not experience service disruptions or any other issues due to a servicing transfer

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