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Smaller servicers may struggle to balance compliance costs, profitability under new CFPB rules
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Consumer Protection
Friday, January 10, 2014
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Smaller servicers may struggle to balance compliance costs with the need to manage overall profitability under new mortgage rules that took effect on Jan. 10, according to Fitch Ratings. The ratings agency said many large servicers have made significant strides to comply with the Consumer Financial Protection Bureau’s mortgage servicing rules. “Where the potential problem lies, however, is with smaller independent/non-bank servicers,” Fitch said. Read on for the details.
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