What is the primary purpose of the Consumer Financial Protection Bureau (CFPB) in mortgage compliance?

The primary purpose of the Consumer Financial Protection Bureau (CFPB) in mortgage compliance is to protect consumers in the financial sector. This agency was established in response to the financial crisis of 2007-2008, with the mission of ensuring that all consumers have access to fair, transparent, and accountable financial services. In the context of mortgage lending, the CFPB focuses on enforcing federal consumer financial laws, providing consumers with better information, and fostering a marketplace where consumers can make informed financial decisions. By prioritizing consumer protection, the CFPB aims to prevent unfair, deceptive, or abusive practices in mortgage lending, allowing consumers to navigate the mortgage process with greater confidence and security.