Foreclosure review under way
The Office of the
Comptroller of the Currency (OCC) and the Federal Reserve Board announced
Tuesday that the independent foreclosure reviews of 14 large servicers issued
in April now are underway.
million borrowers could have their loans reviewed and potentially be
compensated for imposed financial hardship, according to a previous statement
by the OCC.
According to the OCC,
the review will take several months due to the volume of potential foreclosures
The foreclosure review
is part of a broader list of enforcement actions for the servicers to rectify
missteps in the foreclosure process. The enforcement actions mandated by the
OCC include improved borrower communications, greater oversight of third-party
vendors, updated management information systems, and the elimination of “dual
tracking” – which takes place when a servicer forecloses while a borrower is
being considered for a modification.
Borrowers wishing for review may visit IndependentForeclosureReview.com, or
call 1-888-952-9105 Monday through Friday between 8 a.m. and 10 p.m.
Requests for reviews will be accepted through the end of April.