Cordray to mortgage servicers: Don’t wait for the CFPB, clean up now

The leader of the Consumer Financial Protection Bureau is letting mortgage servicers know they shouldn’t wait for new rules from the CFPB before taking steps to address issues that may result in harm to consumers. Richard Cordray recently told members of the Senate Banking Committee that servicers “need to be improving their processes and coming up to snuff now.” Read on to learn about the warning Cordray had for mortgage servicers.