The CFPB has released its Spring 2024 issue of Supervisory Highlights. The report details specific findings from select examinations regarding mortgage servicing completed during the 2nd, 3rd, and 4th quarters of 2023.

Examiners identified mortgage servicers engaged in UDAAPs and regulatory violations while processing payments by overcharging certain fees, failing to adequately describe fees in periodic statements, and not making timely escrow account disbursements.

You can access the Supervisory Highlights document here.

CCI suggests looking through this publication to ensure you know how your bank handles these situations; it can be an excellent reminder to double-check your mortgage servicing procedures. For any questions, please reach out to us via inquiries@completecompli.com.