HSBC has fulfilled its obligations under the National Mortgage Settlement (NMS), according to a compliance report released on Wednesday. The report is the second of its kind released on the bank since February of last year, when HSBC initially agreed to a $601 million settlement with several federal agencies and U.S. states regarding questionable servicing and foreclosure practices. Today’s report revealed HSBC has now met all requirements outlined in that February 2016 settlement.
Read More »SunTrust Misses the Mark
An independent monitor for the 2012 National Mortgage Settlement has issued a report that SunTrust has fallen short in the progress with the NMS requirements, while HSBC’s first monitor report has passed with flying colors.
Read More »Settlement Monitor Gives SunTrust Thumbs Up
How much consumer relief has SunTrust bank provided to distressed borrowers under the terms of the 2012 National Mortgage Settlement?
Read More »Ocwen Receives Mixed Review from Monitor
An independent monitor for the National Mortgage Settlement reported that Ocwen has fulfilled its consumer relief obligation under the NMS. But the news wasn't all good.
Read More »Settlement Monitor: All Servicers Made the Grade
An update on the progress of the nation's largest servicers that are party to the 2012 National Mortgage Settlement.
Read More »Monitor: Ocwen Failed Four Metrics in Compliance Test for Second Half of 2014
Ocwen Financial Corporation failed four metrics and was deemed to have failed seven others in an independent settlement monitor’s review of the servicer’s entire residential mortgage loan portfolio covering the second half of 2014, according to the monitor’s report filed with the U.S. Court for the District of Columbia on Thursday.
Read More »Monitor Finds Ocwen’s IRG Issues Have Been ‘Sufficiently Addressed’
Smith announced Tuesday he had filed his final report with the U.S. District Court for the District of Columbia on the investigation of Ocwen's IRG and of Ocwen's compliance with the NMS for the first and second quarters of 2014.
Read More »Monitor Reports One Failed Metric In NMS Compliance Update
Smith reported that Green Tree had completed eight corrective action plans (CAPs) to address root causes of fails that had previously been uncovered, and that he found no evidence of any failures during the "cure period," which is the amount of time in which the servicer has a chance to fix the issues.
Read More »Monitor Continues to Investigate Ocwen Over Compliance With Settlement Terms
In what was Ocwen's second report on consumer relief under the NMS, the Atlanta-based servicer reported that through the end of the fourth quarter in 2014, 21,257 borrowers had completed first-lien modifications and benefited from $1.9 billion in consumer relief.
Read More »Judge Dismisses New York AG’s Claims That Servicer Failed to Comply With Settlement
A federal judge dismissed on Monday allegations from New York's Attorney General that Wells Fargo failed to live up to its end of a historic $25 billion mortgage servicing settlement struck in 2012.
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