Relevant:
- Servicers Struggling with National Mortgage Settlement Compliance Monitor Says
- HUD: Mortgage Settlement Monitor Reports Eight 'Fails' in Bank Testing Results
- U.S. consumer bureau issues rules to clean up mortgage servicing
- Borrowers to get $8.5 billion in foreclosure and mortgage settlement
- Michigan AG questions banks compliance with national mortgage settlement
2012-10-03 — ml-implode.com
Per the settlement agreement, Smith will be testing the servicers adherence to the new rules using 29 defined metrics to assess such breaches as improper trustee sales, wrongful denial of modification, the use of fraudulent affidavits in the foreclosure process, and everyone's favorite, dual tracking, also known as, "Ooops, we sold your home last Thursday." He says he'll be administering the first compliance test during the first quarter of 2013, and he'll be looking at the third and fourth quarter of this year.
Those aren't the only areas that the new standards impact, in fact there's plenty more where those came from
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