En Garde!
As we briefly noted yesterday, the CFPB released a report assessing how the largest servicers handled borrowers over recent, chaotic months. Identifying wide dispersion in industry practice, the Bureau warns of enforcement actions to come even as it continues to assess the “outliers.” Actions based on past behavior are likely to focus on alleged fair-lending violations; those to come under the new servicing rule will quickly address customer-service bottlenecks and delayed loan-mod offers.