CFPB terminates 2024 consent order against Fay Servicing

The Consumer Financial Protection Bureau has concluded a 2024 action it took against nonbank mortgage company Fay Servicing under a former director in line with a broader rollback of enforcement under new leadership.

“The bureau waives any alleged noncompliance by Fay Servicing with the consent order,” read an order that Russell Vought, the CFPB’s current acting director, authorized. The new order leaves consumer redress and a monetary penalty involved in place.

The move releases Fay from an order it felt forced into a “business decision” to sign off on despite disagreement with claims of new violations and issues related to compliance with a prior 2017 settlement involving dual tracking claims. 

CFPB also had previously terminated the 2017 order, which a company spokesperson had said…