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Home | Tag Archives: National Mortgage Settlement

Tag Archives: National Mortgage Settlement

Monitor Expresses Doubts About Servicer’s Internal Review Group for Settlement

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Smith said his team launched an investigation in May after hearing from an employee about "serious deficiencies in Ocwen's internal review group process." The investigation included interviews with nine company executives and employees and a review of thousands of documents, he said. The monitor also said that he has taken steps to strengthen the review process of all servicers' review groups, including adding employee interviews, additional reviews at various steps in the testing process, and the establishment of an ethics hotline so that whistleblowers can easily and anonymously report concerns.

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Banks Complete Consumer Relief Obligations

Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, filed final crediting reports with the U.S. District Court for the District of Columbia on Bank of America, Chase, Citibank, and Wells Fargo. The reports confirmed that banks have satisfied their consumer relief and refinancing obligations under the settlement, nearly a full year ahead of schedule.

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Feature: Where Oh Where Did My REO Go?

Where-oh-where-REO

With fewer properties entering the foreclosure process and more delinquent borrowers avoiding foreclosure, the number of foreclosed single-family homes held by lenders and government agencies has rapidly declined. In the April issue of DS News magazine, contributing writer Keith Button explored the many market drivers taking their toll on the once-strong stock of bank-owned homes.

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Major Servicers Fail Seven Settlement Compliance Tests

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

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