Escrow Trust Advisors | 320 Servicing Standards Set In Action By Mortgage Servicers
16644
post-template-default,single,single-post,postid-16644,single-format-standard,ajax_fade,page_not_loaded,,qode-theme-ver-13.8,qode-theme-bridge,disabled_footer_top,wpb-js-composer js-comp-ver-6.7.0,vc_responsive

320 Servicing Standards Set In Action By Mortgage Servicers

320 Servicing Standards Set In Action By Mortgage Servicers

As of October 2, 2012, five of the country’s largest mortgage servicers were required to be in full compliance with 320 servicing standards. The banks were given 180 days to comply with the U.S. Department of Justice and 49 state attorneys general’s servicing standards. The settlement was a response aimed at helping borrowers who were wronged by mortgage servicers.

Joseph A. Smith, Jr. is the designated settlement monitor who has been reviewing the banks’ efforts to comply with the terms of the agreement. He adds, “The five banks subject to the settlement are required to operate in full compliance with its servicing standards. I will conduct careful and thorough reviews of the banks’ processes to assure and verify that they are compliant with the settlement’s rules.”

All of the five banks involved in the settlement claim that they are in compliance and will continue to meet remaining requirements. Smith will evaluate the third-quarter and fourth-quarter performance of each servicer against all 29 metrics beginning in the first quarter of 2013.