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Owners have reported ready months, and even years, for servicers to course of their mortgage paperwork. In some instances, servicers repeatedly requested the identical paperwork or ignored inquiries altogether.
“Servicers typically blame investor necessities, processing volumes, or ‘methods points, fairly than taking duty for his or her shoddy customer support’,” the Bureau mentioned within the report.
“When somebody loses a partner or goes by means of a divorce, the very last thing they want is their mortgage servicer giving them the runaround or pushing them into an unaffordable mortgage,” added CFPB director Rohit Chopra. “Mortgage servicers have clear obligations underneath federal legislation to assist these householders.”
Home violence survivors additionally face distinctive dangers, with some servicers persevering with to ship delicate mortgage info to abusers or requiring their consent for account modifications. This observe, the CFPB famous, places survivors’ security in danger and undermines their means to regain monetary independence.
The CFPB’s report additionally revealed that some servicers deny requests to take away the unique borrower from a mortgage, even when the successor home-owner has constantly made funds. These denials power households into pointless monetary pressure and authorized battles, the company famous.
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