NationalMortgageNews reports the Office of the Comptroller of the Currency (OCC) says the 12 national banks under regulatory orders to reform their mortgage servicing and foreclosure methods are making progress. Having agreed to the review in April, the banks have streamlined procedures for guiding struggling homeowners through the loan modification process, and have instituted guidelines to prevent the foreclosure process being triggered by a loan going through modification. Four million homeowners who may have been harmed by servicers during 2009 and 2010 have until April 30 to request a review. Each of the 12 banks has a consultant, approved by OCC, reviewing servicing records to determine “pockets of financial harm.” Some cases may be subject to additional review that will be monitored by OCC. The consultants and the banks are: AllonHill, LLC, for Aurora Bank; Clayton Services, LLC, for EverBank; Deloitte & Touche, LLP, for JPMorgan Chase; Ernst & Young, LLP, for HSBC and MetLife Bank; Navigant Consulting, Inc., for OneWest; PricewaterhouseCoopers, LLC, for Citibank and US Bank; Promontory Financial Group, LLC, for Bank of America, PNC, and Wells Fargo Bank; and Treliant Risk Advisors, LLC for Sovereign Bank.
(Graphic credit: OCC)