U.S. Consumer Bureau Plans to Write Rules for Mortgage Servicers

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postJuly 5, 2011

- The Consumer Financial Protection Bureau is preparing to impose rules on U.S. mortgage servicing firms, said Raj Date, the bureau’s associate director.When the bureau begins formal operation July 21, “mortgage servicing will be one of CFPB’s priorities,” Date said in testimony prepared for delivery to members of the House Financial Services Committee today.

The $10.4 trillion industry has structural features “that make it especially prone to the risk of consumer harm,” one of which is lack of consumer choice, Date said. A homeowner doesn’t have the option of shopping for a better or more competent provider, he said.

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