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CFPB Says Servicers Fail to Provide Protections for Consumers
On Wednesday, April 26, 2017, the CFPB announced some student loan and mortgage servicers are violating the law by failing to provide struggling borrowers with legal protections. Agency examiners found some student loan servicers failed to refund charges imposed on borrowers who had been wrongly denied the right to defer payments while enrolled in school. The report also found some mortgage servicers did not deliver the required foreclosure protections to borrowers seeking to save their homes, mishandled escrow accounts, and sent incomplete bills. The Bureau also indicated non-public supervisory activities have led to the recovery of about $6.1 million for 16,000 consumers harmed by auto loan originators.