WASHINGTON Aug 21 The U.S. consumer watchdog
said on Wednesday it has found problems with mortgage servicing
at banks and other financial firms, and in some cases has
launched investigations for possible enforcement actions.
Mortgage servicers have made mistakes including sloppy
payment processing, poor communications with consumers and
insufficient programs to ensure compliance with federal laws,
the Consumer Financial Protection Bureau said in a report.
The CFPB did not name any specific firms.
When the bureau's examiners found problems, they alerted the
companies and "when appropriate, opened CFPB investigations for
potential enforcement actions," the bureau said in a statement.
The consumer bureau was created by the 2010 Dodd-Frank law
and given oversight of consumer products including mortgages and
Problems with servicing have been a focus for regulators
since the 2007-2009 financial crisis, when poor communication
with borrowers and such as "robo-signing" foreclosure documents
contributed to millions of people losing their homes.