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Newsletter - April 2014

In a February address to the Mortgage Bankers Association, the deputy director of the Consumer Financial Protection Bureau (CFPB), Steven Antonakes, delivered some pointed remarks that served as a wakeup call of sorts around the mortgage servicing industry. The speech’s overall theme was one of warning. Mr. Antonakes stated clearly that the industry has had sufficient time to digest and comply with the CFPB’s new mortgage servicing rules, and violations would not be tolerated.
Those words might run a chill up your spine, but don’t worry: That’s what Blue Streak Docs is here for! We can help you by recovering any documents or vital information missing in your portfolio files.

There were two parts of the speech that stuck out to me, and I want to mention them to you:

1. QMs are for the big boys only.

From Mr. Antonakes’ address, it is clear that the CFPB is not happy with the state of documentation in the mortgage servicing industry. This is our field of expertise, and I definitely see it from both sides. On one hand, most of the mortgage servicers I have worked with absolutely need help with their documentation. It just isn’t where it should be. On the other hand, it is a lot of difficult, precise, and time-consuming work, and I don’t blame you for avoiding it. With that said, your best option is work with a third party document retrieval business to ensure you comply. It will just make your life easier. I promise.

2. “Two million households are at high risk of foreclosure."

That’s a direct quote from the speech. As you well know, foreclosures require mounds of documentation and legal paperwork. And there are many, many more on the horizon. If you are still considering going your own way with recovering missing real estate documents (whether you are a servicer, a lawyer, or a mortgage professional), you might as well kiss your hair goodbye, because if it doesn’t fall out on its own, you’re going to yank it out trying to comply with the new documentation rules when a fresh stack of foreclosures hits your desk
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