CFPB issues warning to mortgage servicers: You can't hide behind bad computer systems

The Consumer Financial Protection Bureau just fired a shot across the bow of the country's mortgage servicers after it found that some servicers are using outdated computer systems that can result in running afoul of CFPB rules. "Mortgage servicers can't hide behind their bad computer systems or outdated technology," said CFPB Director Richard Cordray. "There are no excuses for not following federal rules."