The Consumer Financial Protection Bureau (CFPB) is cracking down on mortgage servicers, following a warning earlier in the year that it would take “aggressive action” to make sure these mortgage companies follow the law.

The bureau has rolled back reporting leniencies and is sending data requests to mortgage servicers to examine the way they are handling forbearance programs intended to give borrowers relief during the pandemic, and to stave off a foreclosure crisis.

While some might complain that these requests came at such short notice, the CFPB has made it clear that being unprepared will be unacceptable. Mortgage servicers should be asking themselves:

• Am I confident we have all the data to comply with the CFPB?

• Can I validate data quickly enough to comply with this and future data requests?

The risk of penalties from the CFPB is significant for firms that submit inaccurate or incomplete information, even if rules are followed. Additionally, confirming accurate data consumes resources that would otherwise be focused on generating new business.

 Let BaseCap Analytics empower a foundation of accurate data for all usage, including regulatory requests:

• Our team of data experts can help firms design their data architecture to be responsive to this and future data requests.

• BaseCap’s Data Quality Manager automates the data validation process so there is no need to impose on business lines to accommodate data and compliance requests.

• Light-weight integration ensures firms are “data-ready” in the shortest time possible to ensure ongoing focus on business and confidence in demonstrating compliance going forward.

Preparation for CFPB’s data request should be a scalable process, one you can depend on in the future no matter how many new regulatory reports are required and how much corporate data you end up obtaining as your business grows.

When you have become data-ready:

• Regulators will love you and leave you in peace.

• Customers will trust you.

• You will gain a competitive edge.

• Your operation will be more resilient and responsive.

Contact BaseCap Analytics today to see how we can help you prepare for the latest CFPB data requests as well as future regulatory reporting.