The Office of the Comptroller of the Currency (OCC) has reported that all banks targeted for investigation and review into foreclosure and lending practices have submitted letters detailing their plans for auditing said practices, which the OCC demanded be completed before the beginning of the new year. Bank of America, Citibank, JPMorgan Chase, Citigroup, Wells Fargo and a handful of others have so far entered into OCC compliance, although auditing has yet to be completed. Independent auditing firms involved in the overhaul include Deloitte & Touche, Ernst & Young and PricewaterhouseCoopers. For more on this continue reading the following article from TheStreet.
The Office of the Comptroller of the Currency said on Tuesday that the nation's largest mortgage servicers would "complete much of the work" required to clean up their loan servicing and foreclosure practices by early next year.
The OCC slapped the largest U.S. mortgage loan servicers, including Bank of America (BAC), Citigroup (C) subsidiary Citibank, HSBC (HBC), JPMorgan Chase (JPM), MetLife (MET) unit MetLife Bank, PNC (PNC), U.S. Bancorp (USB) subsidiary U.S. Bank, and Wells Fargo (WFC), with cease and desist orders in April, requiring the group to hire independent consultants to "conduct a multi-faceted independent review of foreclosure activities in 2009 and 2010," and "to correct deficient and unsafe or unsound practices in their mortgage servicing activities," along with beefing-up their oversight of third-party service providers, and their activities related to Mortgage Electronic Registration Systems, or MERS.
The regulator said that, as required, all the servicers had submitted "independent consultant engagement letters and servicer action plans" in July, and that the "OCC closely evaluated and approved consultants to prevent conflicts of interest."
The agency said work was "well under way on the actions necessary to comply with the consent orders," and that efforts "to correct deficiencies in foreclosure processes, management oversight, and internal audit [were] furthest advanced."
In Bank of America's updated engagement letter from Sept. 6, Promontory Financial Group said it would "conduct an independent review of certain residential foreclosure actions regarding individual borrowers with respect to BAC's mortgage servicing portfolio," including Bank of America's foreclosure actions as a lender, servicer, within 423 days.
Promontory Financial Group is also conducting the servicing and foreclosure audits for PNC and Wells Fargo.
Other independent consultants include Deloitte & Touche for JPMorgan, Ernst & Young, for HSBC and MetLife Bank, and PricewaterhouseCoopers, for Citibank and U.S. Bank.
The OCC said that on Nov. 1, "an integrated claims processor began mailing letters to borrowers who were in any stage of foreclosure on their primary residences between January 1, 2009 and December 31, 2010," describing the process "borrowers should follow for requesting reviews of their cases if they believed they suffered financial injury as a result of servicer errors, misrepresentations, or deficiencies in the foreclosure process."
The reviews of borrower petitions are expected to take several months.
by Philip Van Doorn Nuwire Investor Nov 25, 2011
Banks Revising Foreclosure Procedures
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
- ► 2017 (76)
- ► 2016 (145)
- ► 2015 (146)
- ► 2014 (102)
- ► 2013 (395)
- ► 2012 (392)
- Banks Revising Foreclosure Procedures
- Warehouse sales are booming
- After-tax return could alter look of investment
- Scottsdale Quarter development could include apart...
- Details of refinancing eligibility trickling in
- Billionaires can avoid reporting gains on stocks
- Court: Trust-land proceeds can't be used to run de...
- Developer land returned to farming in Maricopa and...
- Phoenix Optima condo developer set for 3rd effort
- Phoenix area housing market slips a bit
- Benjamin Group restructures under a new name
- 'Floating' house by Taliesen-trained architect fet...
- Oil Hits $100 Per Barrel. It’s All About the Pipel...
- 74 downtown Phoenix condos purchased
- Project Rebuild holds promise for housing industry...
- Dick's Sporting Goods buys W. Valley warehouse
- Phoenix, CityNorth developer clash - USATODAY.com
- Phoenix-area foreclosures way down in October
- Developer aims to restart condo project
- Phoenix home-fraud lawsuit leads to indictment
- Ariz. high court may weigh Chandler site
- 34 years of keeping families in their homes
- France outraged over 'shocking' debt downgrade mis...
- Dallas developer to revive stalled Scottsdale cond...
- Wall Street safety net still is full of holes
- More Arizonans can refinance for underwater mortga...
- Fannie Mae loss widens, asks taxpayers for $7.8B
- Ellman out as Westgate manager
- Saguaro hotel promises to be bright spot on Civic ...
- Arizona seniors lost millions in annuity fees
- Global survey hints at uptick in worker unhappines...
- Apartment vacancy rate dips below 9% for 1st time ...
- Combs: Single-asset LLC will provide best protecti...
- Builders look back on bad year
- Reagor: Real-estate agents ask lenders key questio...
- Many seek advice from financial experts
- Banks in Arizona shift to short sales
- Freddie Mac seeks $6 billion in aid
- Phoenix-area bankruptcy filings drop
- SkySong apartment site, hotel expansion win OK fro...
- Vestar develops Las Vegas retail project
- Man's short sale spurs website to help others
- Fountain Hills CopperWynd resort reopens
- Chase, Wells Fargo drop plan to charge fee for deb...
- ▼ November (44)