Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders

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By Lawrance L. Evans, Jr. (au)
Year: 2013
Pages: 74
Binding Paperback
ISBN 978-1-4578-4560-4

Product Code: 1457845601

Description

Since April 2011, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve had been overseeing the foreclosure review, a requirement of consent orders entered into by 14 mortgage servicers. This involved a review of loan files by third-party consultants to identify errors in servicing and foreclosure practices. More than 4 million borrowers were eligible for reviews. In Jan. 2013, the regulators announced agreements with 11 of the servicers that replaced the reviews with a broad payment process to compensate borrowers in a more timely manner. Reviews continue for three remaining servicers. This report addresses: (1) challenges to the achievement of the goals of the foreclosure review, (2) transparency of the process, and (3) lessons that could be useful for carrying out activities under the amended consent orders and continuing reviews. Figures. This is a print on demand report.

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