ML-Implode News - Some mortgage servicers break U.S. rules, mostly due to technology: CFPB

Some mortgage servicers are failing to follow federal rules intended to help struggling borrowers avoid foreclosure, often because they use faulty technology, the U.S. agency charged with protecting consumers' finances said on Wednesday.
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"Mortgage servicers can't hide behind their bad computer systems or outdated technology. There are no excuses for not following federal rules," said CFPB Director Richard Cordray in a statement.
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According to Wednesday's report, examiners for the CFPB, found misrepresentations of terms, fees and deadlines for loans and modifications in recent communications from servicers. The CFBP said loss mitigation and transfers were the primary problem areas, and that servicers "continue to use failed technology that has already harmed consumers."

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Some mortgage servicers break U.S. rules, mostly due to technology: CFPB