CFPB settles with BSI Financial Services over mortgage servicing issues

 

Source: Ben Lane, HousingWire

A CFPB investigation found that BSI improperly handled mortgage servicing transfers, including failing to recognize that certain loans were already in loss mitigation proceedings, in the process of receiving a loan modification, or had already received a loan modification.

As part of the settlement with the CFPB, BSI must pay a civil money penalty of $200,000 and pay restitution estimated to be at least $36,500.

Read Full Article: CFPB settles with BSI Financial Services over mortgage servicing issues

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