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FTC Considers Best Practices?
The Federal Trade Commission will issue "a very significant consent decree" before year-end that establishes a best-practices standard for servicers of subprime loans, according to one industry attorney.
"Loan servicing is becoming a principal focus of fair lending enforcement," Skadden Arps attorney Andrew Sandler told a fair lending conference sponsored by the Consumer Bankers Association. He also pointed out that class-action lawsuits against servicers are increasing.
"In very short order, there are going to be best practices out there," Mr. Sandler said, and servicers better make sure they are "living up" to those standards.
In August, the head of FTC's financial practices division Joel Winston spoke at an American Bar Association conference, which Mr. Sandler attended.
The FTC official outlined 10 areas of servicing that raise concerns at the agency, including timely posting of payments, force-placed insurance and aggressive foreclosures.
Recently, Ameriquest Mortgage announced that it was updating its own "best Practices" for loan servicing as a result of discussions with community groups, perhaps offering a clue as to what issues might be addressed in the government's proposed standards.
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Source: HighBeam Research, FTC Considers Best Practices?