Joseph Smith releases results of ongoing National Mortgage Settlement compliance testing
RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS), today released a summary of five compliance reports he filed with the United States District Court for the District of Columbia. This summary details the results of his tests to determine Bank of America, Chase, Citi, ResCap Parties and Wells Fargo’s compliance with the NMS servicing rules from January 1 to June 30, 2013, as well as actions taken to address metrics they failed in 2012. (Click each bank’s name to see its scorecard and post-fail activities.)
“My team and I tested the banks’ compliance with the National Mortgage Settlement’s original 29 metrics for the first half of this year,” said Smith. “My testing confirmed six fails in the first quarter of 2013 and one in the second quarter of 2013. The banks are all taking action to address the failures through detailed corrective action plans.
“The results I’ve discovered, along with the discussions I’ve had with attorneys general, counselors, advocates and distressed borrowers over the past year, have shaped four additional metrics, or tests, I recently created to ensure the banks’ compliance. These metrics address consumer concerns relating to the loan modification process, single points of contact and billing statement accuracy. I will begin testing these new metrics next year.
“The banks still have additional work to do in their efforts to fully comply with the National Mortgage Settlement and to regain their customers’ trust; however, I am hopeful that the corrective action plans and the new metrics will result in meaningful improvement in how the servicers treat their customers.
“My colleagues and I are currently working to verify four banks’ consumer relief activities and I plan to file my final set of reports to the Court detailing my findings early next year. My compliance testing and reporting will continue, and I look forward to sharing my findings with the Court and the public as this important process moves forward.”
About the Office of Mortgage Settlement Oversight
More information about the National Mortgage Settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at www.mortgageoversight.com.
source: www.mortgageoversight.com
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