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Home » OCC Details How Mortgage Servicers are Adopting Reforms
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OCC Details How Mortgage Servicers are Adopting Reforms

December 5, 2011
The Office of the Comptroller of the Currency provided a status update on the efforts that 12 bank and thrift mortgage servicers are making to comply with the foreclosure practice consent orders they were issued in the spring, a review that documents the extent to which servicing reforms are being implemented.As such, the document may foretell some of the kinds of industry “best practices” that will form the basis of national servicing standards one day.For example, each servicer has established policies and procedures for providing single points of contact to assist borrowers throughout the loan modification and foreclosure processes.
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