- Customer Type
- Title Insurance & Settlement Solutions
- Mortgage Services
- Products and Services
- Stewart Companies
On April 13, 2012, the CFPB issued a bulletin concerning the relationship between lenders and service providers as well as the CFPB’s authority over them. In brief, the bulletin stated that the CFPB has authority over bank and non-bank lenders. All lenders are expected to have an effective documented process for supervising service providers and ensuring they are compliant with various consumer protection laws. The CFPB expects lenders to have processes for the following:
Additionally, it documented the CFPB’s supervisory and enforcement authority over supervised service providers, which includes the authority to examine operations of service providers on site. Also made clear in the bulletin is the ability and willingness of the CFPB to exercise its enforcement authority against supervised service providers “as appropriate”.