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- Illinois AG Kwame Raoul led a coalition of 23 state AGs in calling upon the CFPB to ban mortgage servicers from imposing comfort charges on shoppers, in response to the CFPB’s latest Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services.
- Of their letter, the AGs expressed quite a few issues concerning such charges, together with that buyers haven’t any selection within the number of their mortgage servicers as a result of mortgages are sometimes packaged and bought within the secondary securities market; charges charged by mortgage servicers are inconsistent; and a few servicers try and impose charges not licensed by the unique mortgage documentation. Additional, comfort charges for telephone or net cost usually haven’t any relationship to the precise processing price, and servicers are successfully charging twice for a similar service by assessing a further charge.
- The coalition urged the CFPB to both think about prohibiting mortgage servicers from charging comfort charges, or within the different, to ban charges that exceed that precise, documented price of processing a transaction.
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