OCC Announces Additional Foreclosure Review Settlement


On August 23, the OCC announced an amended consent order with one of the financial institutions that entered into a consent order in April 2011 to resolve allegations that the institutions engaged in improper mortgage servicing and foreclosure processing practices. The agreement follows numerous others released earlier this year and requires the institution to pay roughly $43 million, including $37 million in cash payments to more than 32,000 borrowers. The amendment also effectively ends the Independent Foreclosure Review process set forth under the original consent order for the institution and its customers.

Topics:  Foreclosure, Mortgage Loan Servicing Standards, Mortgages, OCC

Published In: General Business Updates, Finance & Banking Updates, Residential Real Estate Updates

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.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »