Skip to main content
CFPB Comment Letter re RESPA Assessment
  • David J Reiss

The RESPA Servicing Rule Assessment should evaluate whether the Rule is sufficiently evaluating servicers’ compliance with the Rule and implementing remediation plans for those which fail to comply with the vast majority of loans in their portfolios.  Servicers should not be evaluated just on substantive outcomes but also on their processes.  Are avoidable foreclosures avoided?  Are homeowners treated with basic good faith when it comes to interactions with servicers relating to defaults, loss mitigation and transfers of servicing rights?  The Assessment should evaluate whether the Rule adequately measures such things.  One measure the Bureau could look at would be court cases involving servicers and homeowners.  While perhaps difficult to do, the Bureau should attempt to measure the Rule’s impact on court filings alleging servicer abuses.The occasional win in court won’t save the vast majority of homeowners from abusive lending practices. The RESPA Servicing Rule, properly applied and evaluated, could.
  • RESPA,
  • consumer protection,
  • CFPB,
  • servicing,
  • servicer,
  • mortgage
Publication Date
July 7, 2017
Citation Information
David J Reiss. "CFPB Comment Letter re RESPA Assessment" (2017)
Available at:
Creative Commons license
Creative Commons License
This work is licensed under a Creative Commons CC_BY International License.