CFPB to mortgage services: The shell game is over

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(NNPA)—In a Feb. 19 speech before the nation’s largest association representing real estate finance, Steven Antonakes, Deputy Director of the Consumer Financial Protection Bureau, updated the Bureau’s recent achievements before addressing how new mortgage servicing standards will be implemented. Since CFPB began operations, the Bureau has:

•Returned over $750 million to consumers as of September 2013 and fined $81.5 million to entities that violated consumer laws;

•Mandated an additional $2 billion in foreclosure relief;  and

•Received over 289,000 complaints: an average of 4,900 mortgage complaints per month is second only to those filed on debt collection averaging 5,900 complaints.

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