State regulators hail CFPB servicing transfer bulletin

State banking and mortgage regulators applauded the Consumer Financial Protection Bureau’s promise to scrutinize firms involved in large mortgage servicing transfers. The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators will seek to update state examination procedures to account for recent CFPB guidance on mortgage servicing transfers. The groups also urged regulated businesses to familiarize themselves with applicable state and federal requirements. Read on for the details.