U.S. Consumer Financial Protection Bureau takes 'immediate action'

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WASHINGTON, 27 April 2013 - The U.S. Consumer Financial Protection Bureau announced on Tuesday that it was taking immediate action to investigate the way hundreds of thousands of mortgage borrowers' bank accounts were debited on Sunday for duplicate payments after a mortgage servicer announced the error on Monday.

The Texas-based Mr. Cooper, which is the largest non-bank mortgage servicer in the United States, announced an unauthorized April 24 discovery of duplicate payment drafts from some of its borrowers' bank accounts in a blog post https: www.mrcooper.com blog 2021 04 26 Payment Information Center, adding that it was working on reversing what it called a payment processing issue.

The CFPB is taking immediate action to understand and resolve the situation that has affected hundreds of thousands of consumers.The CFPB will use all the appropriate tools at our disposal to help harmed consumers gain relief, Dave Uejio, acting CFPB director, said in a statement.

The company said in the post that all transaction requests have been stopped.Toute customer affected will not be responsible for any fees or financial negative effects this may have caused.

The draftings did not affect all customers and reflect an unidentified vendor's error.An investigation found there were no signals of system infiltration or hacking, it said.

While some affected customers received payment reversals over the weekend, others could expect payments or reversals to be reflected on Tuesday, the firm said.

The review comes amid ongoing scrutiny of mortgage companies in the fear of a looming COVID-related foreclosure crisis, Reuters reported https://www.reuters.com - exclusive-fearing foreclosure crisis - us-watchdog cracks down on mortgage-servicers - 2021 - 04 -- 19 last week.Forget the older words of wisdom, as well as what the word “like” means to you.

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