On February 11, 2013, the CFPB issued the above referenced bulletin providing guidance to residential mortgage servicers and subservicers to address potential risks to consumers that may arise in connection with transfers of servicing. A related CFPB press release states, “the CFPB will make servicing transfer-related problems a focus of its supervisory activities. If servicers are not fulfilling their obligations under the law, the CFPB will take appropriate actions to address these violations and seek all appropriate corrective measures, including remediation of harm to consumers.”

Complete Memorandum