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Expert Analysis

Expect More CFPB Scrutiny Of Nonbank Mortgage Servicers

Law360, New York (March 24, 2017, 10:51 AM EDT) -- In late January, Citigroup announced plans to exit the mortgage servicing business and sell off a $97 billion portfolio to a nonbank servicer, and transfer their remaining mortgage servicing rights (MSRs) to another nonbank servicer by early 2018. Thus continues the trend of nonbank mortgage servicers capturing more market share year after year than their bank competition. Last year, the U.S. Government Accountability Office (GAO) issued a report that emphasized the fact that the share of mortgages serviced by nonbanks increased from 6.8 percent in 2012 to 24.2 percent in 2015....

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