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Tag Archives: OCC

GAO Points Out Flaws in Regulator, Servicer Outreach Materials

Regulators and servicers are missing opportunities to enhance communication with consumers, the United States Government Accountability Office (GAO) said in a report. The report, released June 29, examined the efforts of servicers to communicate with customers who may be eligible for an independent foreclosure review. One major problem identified with current communication materials is that they are too difficult for the general public to understand.

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Percentage of Current Mortgages Reaches 3-Year High: OCC

The OCC Mortgage Metrics Report for the First Quarter of 2012 showed that percentages of mortgages between 30-59 days delinquent and mortgages between 60-89 days delinquent both fell to their lowest levels since the OCC began publishing mortgage performance reports in Q1 2008. The percentage of mortgages that were current and performing increased to 88.9 percent, the highest level seen in three years. Also, of the more than 2.5 million loans modified by servicers from 2008-2011, 50.7 percent were either current or had been paid off by the end of 2012's first quarter.

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Foreclosure Review Deadline Extended, Nearly 200K Requests So Far

The deadline to request a free, independent foreclosure review has been extended for another two months, and so far, nearly 200,000 people have requested a foreclosure review, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board announced Thursday. The new deadline to request an independent foreclosure review is getting pushed back from July 31 to September 30, 2012. The review is for those who believe they have suffered financial harm as result of servicing errors during a foreclosure process between 2009 and 2010.

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Comptroller: CRE Loans Still Present Risk to Banks

In a speech before the Commercial Real Estate (CRE) Finance Council on Wednesday, Comptroller of the Currency Thomas Curry warned banks and thrifts not to keep their eggs in one basket with CRE loans. Following up on his remarks in May about operational risk in banking institutions, Curry stressed that CRE credit is still a significant core risk area for banks and thrifts. Curry pointed out that national banks and federally chartered thrifts hold over $700 billion in total CRE loans, an amount that comprises 14 percent of their aggregate loan portfolios.

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Agencies Sign Memorandum on Supervisory Coordination

The Consumer Financial Protection Bureau, the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, and the Office of the Comptroller of the Currency today released a Memorandum of Understanding (MOU) to clarify how they will coordinate their supervisory activities.

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OCC Cites Citi for Not Meeting Requirements of Bank Secrecy Act

After failing to meet requirements established by the Bank Secrecy Act (BSA), which requires U.S. banks to detect and prevent money laundering, Citibank entered into a consent order with the Office of the Comptroller of the Currency (OCC) Thursday. The order requires the Citibank to take corrective actions after finding that it had deficiencies in its BSA compliance program with respect to having adequate protections against money laundering and filing suspicious activity reports.

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Little Change in Quarterly Performance of Loans, OCC Reports

Overall, little change was reported in the performance of first-lien mortgages serviced by national and federal savings banks during the 2011 fourth quarter, but the percentage of initiated foreclosures did see a steep drop, according to the Office of Comptroller of the Currency (OCC) Mortgage Metrics report. The percentage of current and performing loans decreased to 87.9 percent, a mere 0.1 percentage point drop from the previous quarter, but a 0.4 percent increase compared to the same period a year ago.

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Independent Foreclosure Reviews Under Way with 121K Requests

John Walsh, acting Comptroller of the Currency, offered an update and clarification Monday on the foreclosure reviews taking place at 14 servicers as part of the consent orders established last year. Independent foreclosure reviews are being instigated in two ways: Consultants are identifying borrowers they believe may have incurred financial harm as a result of improper processing, and borrowers themselves may request a review if they believe they were wronged by their servicers. So far, about 121,000 borrowers have requested reviews.

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Deadline to Request Foreclosure Review Extended Three Months

Consumers who want their foreclosure cases checked by a third party as part of federal regulators' independent foreclosure review directive now have until July 31, 2012, to submit their requests. The Federal Reserve and the Office of the Comptroller of the Currency announced Wednesday that the deadline has been pushed out by three months to give consumers more time to file for a case assessment if they believe they suffered financial injury as a result of errors in foreclosure actions in 2009 or 2010.

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