General World News

CFPB takes enforcement action against former HECM servicing contractor

The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a series of enforcement actions against two companies for what the bureau called “illegal activities that harmed older homeowners and caused them to fear losing their homes.”

The actions were taken against Pittsford, New York-based Sutherland Global and Landover, Maryland-based NOVAD Management Consulting, which together formed a Home Equity Conversion Mortgage (HECM) servicing operation on behalf of the U.S. Department of Housing and Urban Development (HUD).

NOVAD, which held the HUD HECM servicing contract for assigned loans details ⇒

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