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CFPB announces first enforcement action under new servicing rules
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Consumer Protection
Wednesday, October 1, 2014
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The Consumer Financial Protection Bureau announced its first enforcement action under servicing rules that took effect in January. In addition to violating the bureau’s Real Estate Settlement Procedures Act servicing rules, the agency said Michigan-based Flagstar Bank committed unfair acts or practices by impeding borrowers’ access to loss mitigation and engaged in deception by misrepresenting borrowers’ right to appeal loan application denials. Read on for the details.
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