red states rule
10-24-2011, 02:38 AM
I can see a great deal of OT heading my way in the next several months. I was told I volunteered to assist in gathering all the documents needed for anyone who requested this one time review
The compnay I work for has about 900,000 loans that qualify under this program
I doubt if will silence the folks that blame the banks and not the borrower for not being able to make the house payments but we do want to make sure all the rules were followed on the foreclosure
The reviews federal regulators required of the 14 largest mortgage servicers to determine how many borrowers were harmed by faulty procedures will span nearly 4.5 million loan files, according to Acting Comptroller of the Currency John Walsh.
In the coming weeks, homeowners who faced a foreclosure will be able to request a review of their case if they believed they suffered financially as a result of a servicer's error. Direct mailings and an advertising campaign will target borrowers who received a foreclosure between Jan. 1, 2009, and Dec. 31, 2010.
In April, the 14 servicers, which include Bank of America (BAC (http://finance.yahoo.com/q?s=BAC): 6.46 0.00%), JPMorgan Chase (JPM (http://finance.yahoo.com/q?s=JPM): 33.42 0.00%), Wells Fargo (WFC (http://finance.yahoo.com/q?s=WFC): 26.31 0.00%) and others, signed consent orders (http://www.housingwire.com/2011/04/13/fed-sanctions-mortgage-servicers-for-foreclosure-debacle) with the Office of the Comptroller of the Currency, its now absorbed Office of Thrift Supervision, and the Federal Reserve.
The orders settled an investigation into faulty servicing practices including robo-signing, dual-track foreclosures and a shortage of qualified staff to work with delinquent borrowers.
As part of their investigation, the regulators along with the Federal Deposit Insurance Corp. spent three months studying (http://www.housingwire.com/2011/05/04/fdic-study-blames-mortgage-servicing-mess-on-big-banks)2,800 loan files, roughly 200 per servicer, but required third parties to handle the look-back reviews of any pending or completed foreclosure in the allotted time.
Walsh, during an American Banker symposium Monday, said the initial review was "not nearly enough to answer all questions."
The consent order, signed by each member of the board of directors at the banks, required new oversight, a single point of contact for the borrowers, and the end of proceeding with a foreclosure while a modification is being considered.
http://www.housingwire.com/2011/09/19/federal-mortgage-servicer-reviews-target-4-5-million-foreclosures
The compnay I work for has about 900,000 loans that qualify under this program
I doubt if will silence the folks that blame the banks and not the borrower for not being able to make the house payments but we do want to make sure all the rules were followed on the foreclosure
The reviews federal regulators required of the 14 largest mortgage servicers to determine how many borrowers were harmed by faulty procedures will span nearly 4.5 million loan files, according to Acting Comptroller of the Currency John Walsh.
In the coming weeks, homeowners who faced a foreclosure will be able to request a review of their case if they believed they suffered financially as a result of a servicer's error. Direct mailings and an advertising campaign will target borrowers who received a foreclosure between Jan. 1, 2009, and Dec. 31, 2010.
In April, the 14 servicers, which include Bank of America (BAC (http://finance.yahoo.com/q?s=BAC): 6.46 0.00%), JPMorgan Chase (JPM (http://finance.yahoo.com/q?s=JPM): 33.42 0.00%), Wells Fargo (WFC (http://finance.yahoo.com/q?s=WFC): 26.31 0.00%) and others, signed consent orders (http://www.housingwire.com/2011/04/13/fed-sanctions-mortgage-servicers-for-foreclosure-debacle) with the Office of the Comptroller of the Currency, its now absorbed Office of Thrift Supervision, and the Federal Reserve.
The orders settled an investigation into faulty servicing practices including robo-signing, dual-track foreclosures and a shortage of qualified staff to work with delinquent borrowers.
As part of their investigation, the regulators along with the Federal Deposit Insurance Corp. spent three months studying (http://www.housingwire.com/2011/05/04/fdic-study-blames-mortgage-servicing-mess-on-big-banks)2,800 loan files, roughly 200 per servicer, but required third parties to handle the look-back reviews of any pending or completed foreclosure in the allotted time.
Walsh, during an American Banker symposium Monday, said the initial review was "not nearly enough to answer all questions."
The consent order, signed by each member of the board of directors at the banks, required new oversight, a single point of contact for the borrowers, and the end of proceeding with a foreclosure while a modification is being considered.
http://www.housingwire.com/2011/09/19/federal-mortgage-servicer-reviews-target-4-5-million-foreclosures