CFPB Mortgage Servicing Standards: Post-implementation considerations: enhancing internal reporting to manage non-compliance risks

February 2014

Overview

The mortgage servicing industry has been hard at work preparing to comply with the new CFPB Servicing Standards by its January 10, 2014 effective date. However, the level of compliance achieved by that date is sustainable only if servicers have in place a mechanism to track ongoing compliance. Having well developed business-level internal reporting to track potential breaks, and having defined processes to resolve these issues in operational functions, will be key to managing the ongoing risk of future non-compliance.

This edition focuses on how servicers can more effectively manage the ongoing risk of non-compliance in operational functions by improving the quality of internal reporting.

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