Lenders Required to Set Up Foreclosure Review System
Lenders Required to Set Up Foreclosure Review
System
Americans who believe they were improperly foreclosed on during 2009 and 2010 will soon be able to request a review of their cases as part of a settlement between government officials and several of the nation's top lenders. Included in a settlement originally announced in April, 14 large mortgage servicers will soon be required to hire independent consultants to review any foreclosures initiated during the last two years. The goal of this regulation, according to Acting Comptroller of the Currency John Walsh, is to identify foreclosures that were improperly handled by lenders so that victims of improper practices can be compensated.
Under the rule, banks will have to set up a single system under which borrowers can request a review. Walsh said on Monday that the system should be up and running in a matter of a few weeks. “As we explored the best means of ensuring that injured homeowners had the opportunity to seek relief, it became clear that what was needed was a robust, transparent and accessible complaint process that will give borrowers the opportunity to request an independent foreclosure review,” Walsh said in a speech Monday.
When the system is in place, lenders will hire consultants, subject to regulator approval, who will launch an advertising campaign to reach out to borrowers. A dedicated website will also be launched where borrowers can file their complaints. The move follows an extensive probe of the foreclosure practices of some of the nation's largest banks which was launched after it was discovered that lenders were utilizing so-called “robo-signers,” or employees who signed hundreds of foreclosure-related documents a day without verifying their contents.
Americans who believe they were improperly foreclosed on during 2009 and 2010 will soon be able to request a review of their cases as part of a settlement between government officials and several of the nation's top lenders. Included in a settlement originally announced in April, 14 large mortgage servicers will soon be required to hire independent consultants to review any foreclosures initiated during the last two years. The goal of this regulation, according to Acting Comptroller of the Currency John Walsh, is to identify foreclosures that were improperly handled by lenders so that victims of improper practices can be compensated.
Under the rule, banks will have to set up a single system under which borrowers can request a review. Walsh said on Monday that the system should be up and running in a matter of a few weeks. “As we explored the best means of ensuring that injured homeowners had the opportunity to seek relief, it became clear that what was needed was a robust, transparent and accessible complaint process that will give borrowers the opportunity to request an independent foreclosure review,” Walsh said in a speech Monday.
When the system is in place, lenders will hire consultants, subject to regulator approval, who will launch an advertising campaign to reach out to borrowers. A dedicated website will also be launched where borrowers can file their complaints. The move follows an extensive probe of the foreclosure practices of some of the nation's largest banks which was launched after it was discovered that lenders were utilizing so-called “robo-signers,” or employees who signed hundreds of foreclosure-related documents a day without verifying their contents.
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