CFPB Stadards Hit Hardest Small and Mid-Sized Mortgage Lenders


Posted on Sep 19, 2012

Consumer Financial Protection Bureau's new standards hanges could be costly for the smaller player.

According to the latest Moody's Investors Service ResiLandscape analysis, the industry-wide changes would largely be a positive for bigger lenders and residential mortgage-backed securities as well.

"Adherence to the guidelines would both improve the quality of servicing in the RMBS sector and help to restore confidence in the servicing industry as a whole," Moody's analysts write.

"For example, servicers that did not implement a single point of contact strategy for borrowers, which was quite challenging and costly for large servicers to adapt, will encounter significant hurdles in revamping their organizational structure," the Moody's note says.

However, the proposal still has scope to change. The CFPB may consider different standards for shops servicing under 1,000 mortgages, for example.

 

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