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Home » Store » News » Noncompliance With OCC Consent Order Prompts Harsh Servicing Restrictions for Wells

Noncompliance With OCC Consent Order Prompts Harsh Servicing Restrictions for Wells

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The Office of the Comptroller of the Currency announced last week that six banks subject to servicing-related consent orders established in 2011 will face new restrictions because the banks haven’t met all of the requirements in those orders. The restrictions were particularly harsh for Wells Fargo, the industry’s largest servicer. Wells handled $1.72 trillion in servicing as of the end of the first quarter of 2015, accounting for 17.5 percent of the servicing market, according to Inside Mortgage Finance. Until the consent order is terminated by the OCC, Wells will be prevented...
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