Mortgage Ombudsman or Arbitrator

The article below from The Mortgage Professor sparked an interesting proposition and perhaps the CFPB (Consumer Financial Protection Bureau) should take note and furnish some assistance in the area of misbehavior from mortgage lenders.

When there are cases where you have a written promise by and acknowledgement of information from mortgage lenders and then they change the rules, then there are times when a legal battle is not worth the time, money, and risk to pursue damages – and that’s what mortgage lenders may want – a difficult grievance and damage redemption process.

Problem is, will the CFPB have ability, manpower, and resources to offer any relief?

Source: The Mortgage Professor: When mortgage borrowers need an ombudsman.

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