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CFPB Warns 'Lagging' Mortgage Servicers

The Consumer Financial Protection Bureau has called out mortgage servicers that it sees as poorly performing compared to their industry peers.

CFPBAccording to a new CFPB report, some outlying mortgage servicers’ call centers averaged 10 minute hold times and 30% call abandonment rates.

CFPB Director Rohit Chopra said in a statement, “While many mortgage servicers are successfully assisting borrowers to avoid foreclosure, today’s report highlights that some servicers are lagging their peers and are less well-equipped to assist borrowers who have exited pandemic housing protections.”

Read the full announcement from CFPB. 

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