Quinte Financial Technologies Will Assist Banks and Credit Unions In Response to the Consumer Financial Protection Bureau's Anticipated "Tidal Wave" of Mortgage Foreclosures

Quinte Will Help Mortgage Servicers to Communicate and Transact Effectively with Homeowners in Forbearance

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May 18, 2021, 08:34 ET

NEW YORK, May 18, 2021 /PRNewswire/ -- Quinte Financial Technologies Inc. (Quinte) announced today that it is fully prepared to assist banks, credit unions and other types of mortgage servicing companies in their efforts to manage what the nation's Consumer Financial Protection Bureau (CFPB) described in its April compliance bulletin as "a tidal wave of distressed homeowners who will need help" in the coming months.

According to the Mortgage Bankers Association's most recent estimate, 2.23 million homeowners are in forbearance plans, and the CFPB believes that many of those consumers will be affected as pandemic-related federal emergency mortgage protections expire this summer and fall.

In its April bulletin, CFPB Acting Director Dave Uejio stated that "Responsible servicers should be preparing now. There is no time to waste, and no excuse for inaction. No one should be surprised by what is coming."

Earlier this month, the CFPB also issued a complaint bulletin citing 3,400 consumer complaints in March 2021, representing the greatest monthly complaint volume in nearly three years. The CFPB bulletin stated that consumers experienced a broad range of communication issues with servicers related to understanding their forbearance plans and options, as well as delays in loan modifications.

According to Quinte President Sriram Natarajan, "Financial institutions are under significant operational pressure, both from regulators and consumers, to address these unprecedented market conditions. Many mortgage servicers either do not currently have the internal resources, or have time and resources to hire and properly train staff to address the increased demand. They also understand the risks of non-compliance." The CFPB has warned servicers that "…we will hold accountable those who cause harm to homeowners and families."

Mr. Natarajan said that, "Over the past year, Quinte has bolstered its mortgage servicing capability in anticipation of current conditions, and we are fully prepared to assist mortgage servicers by providing the operational support they need, both to ensure a positive consumer experience, and to address the CFPB's expectations." He noted that Quinte can tailor its services to meet any requirements – both with respect to the level and duration of support – and can integrate seamlessly and securely with existing technology and communications platforms.

For additional information regarding Quinte mortgage servicing related programs, contact Roman Nazarewycz at [email protected], or call (480)789-3748.

About Quinte Financial Technologies Inc.
Quinte combines computer science disciplines (including ML, AI and data analytics), deep industry expertise and human intelligence to address a broad range of operational requirements for financial institutions. Quinte helps banks, credit unions, core processors, CUSOs and associations to reduce costs, increase operational efficiency, and improve competitive advantage through application of next-generation financial analytical engines, and supported by its QuintEssential Solutions^SM portfolio. Visit www.quinteft.com

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SOURCE Quinte Financial Technologies Inc.