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CFPB Responds to ALTA -- Promotes Scalable Risk-Management Program for Mortgage Lender Service Providers

CFPB Responds to ALTA -- Promotes Scalable Risk-Management Program for Mortgage Lender Service Providers

In the revised bulletin the Bureau states: "The Bureau expects that the depth and formality of the entity's risk management program for service providers may vary depending upon the service being performed -- its size, scope, complexity, importance and potential for consumer harm. While due diligence does not provide a shield against liability for actions by the service provider, it could help reduce the risk that the service provider will commit violations for which the supervised bank or nonbank may be liable."

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