Arizona Daily Independent
The Office of Mortgage Settlement Oversight released its first report detailing results of its findings around the five largest servicers’ compliance with servicing standards established by the National Mortgage Settlement (NMS). The report shows a mixed bag of results in the treatment of homeowners by banks.
The report shows the settlement, in addition to bringing $2 billion from the banks to Arizona residents, has had a effect on mortgage servicing. For example, after testing, the monitor reports the banks passed those tests that ensure they no longer engage in the practice of robo-signing – signing off on foreclosure documents with little or no review. The report also confirms that the five banks in the NMS; Bank of America, Chase, Citi, ResCap Parties, and Wells, have stopped charging distressed borrowers a fee just to process a loan modification request and are adhering to proper customer payment processing procedures.
