Federal Reserve Board Announces Sanctions Against Mortgage Servicer

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On August 7, The Federal Reserve Board announced that it assessed a $3.2 million monetary penalty against MetLife, one of fourteen servicers against which federal regulators took corrective actions in April 2011. According to the announcement, the assessment order is similar to those entered with the five servicers involved in the state-federal mortgage servicing settlement announced earlier this year, though the amount of the fine here is substantially smaller. Because MetLife was not a party to that multi-party servicing agreement, the order contemplates steps the parties would take if MetLife subsequently enters into such an agreement, which would require MetLife to provide monetary relief to consumers. The resolution of these issues will allow MetLife to pursue its planned exit from banking.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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