Independent Foreclosure Review, July 2014

Board of Governors of the Federal Reserve System (U.S.)

Reports and Studies from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Between April 2011 and April 2012, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (“Federal Reserve”), and the Office of Thrift Supervision (OTS) issued formal enforcement actions against 16 mortgage servicing companies to address a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing identified by examiners during reviews conducted from November 2010 to January 2011. Beginning in January 2013, 15 of the mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing reached agreements with the OCC and the Federal Reserve (collectively, the “regulators”) to provide approximately $3.9 billion in direct cash payments to borrowers and approximately $6.1 billion in other foreclosure prevention assistance, such as loan modifications and the forgiveness of deficiency judgments. For participating servicers, fulfillment of these agreements satisfies the foreclosure file review requirements of the enforcement actions issued by the OCC, the Federal Reserve, and the OTS in 2011 and 2012. This report provides information relating to the conduct of the foreclosure file reviews, including tables with data on the status of findings of the reviews up to the time they were terminated and replaced by the agreements, and tables with data on the status of the payments being made to borrowers and other foreclosure prevention assistance being provided under the agreements. It focuses primarily on servicers regulated by the Federal Reserve. The OCC recently released a public report containing similar data for servicers it regulates (the “OCC Status Report”).

Date: 2014
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