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Home | Tag Archives: National Mortgage Settlement

Tag Archives: National Mortgage Settlement

Monitor Reports One Failed Metric In NMS Compliance Update

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*+-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.

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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?

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*+-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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SunTrust Settles Legacy Mortgage Issues with Feds and GSEs

*+-SunTrust Banks, Inc., is ponying up millions to resolve mortgage-related legal matters, including claims pertaining to the National Mortgage Settlement, and to settle mortgage repurchase demands from Fannie and Freddie. SunTrust says its third-quarter numbers will be negatively impacted by these resolution actions, resulting in an after-tax earnings reduction of $179 million.

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Customers Report Greater Satisfaction with Servicers

*+-According to J.D. Power, overall satisfaction with servicers has increased to 733 (on a 1,000 point scale) from last year's value of 725. The market research firm attributes the increase to the Consumer Financial Protection Bureau's release of origination and servicing guidelines, most of which are scheduled to go into effect January 2014. Under the rules, servicers are required to have systems, policies, and procedures in place to ensure customers receive appropriate information and support.

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Settlement Monitor: Servicers Need to Address Loan Mod, SPOC Issues

*+-After testing compliance among the five servicers part of the $25 billion national mortgage settlement, monitor Joseph A. Smith concluded more work needs to be done since issues with the loan modification process, providing a single point of contact, and customer records still persist. Under the settlement, Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally Financial agreed to adopt some 300 servicing standards. To verify compliance with the servicing standards, the monitor retained outside firms to test the servicers in 29 metrics.

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