MORTGAGE SETTLEMENT MONITOR CREATES 4 NEW ENFORCEMENT METRICS

(The following is a reformatted version of a press release
issued by the National Mortgage Settlement Monitor and received
via electronic mail. The release was confirmed by the sender.) 
October 2, 2013 
Mortgage Settlement Monitor Creates Four New Enforcement Metrics 
Joseph Smith releases additional metrics for testing servicing
standards 
RALEIGH, N.C. - Joseph A. Smith, Jr., Monitor of the National
Mortgage Settlement, today announced that he has issued four new
metrics, or tests, to measure the banks’ compliance with the
Settlement’s servicing standards. He has filed those metrics
with the District Court for the District of Columbia. 
Click on each servicer to view its new metrics: Bank of America,
Chase, Citi, ResCap Parties or Wells Fargo. 
http://tinyurl.com/ppnqd35 
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Smith released the following statement about the news: 
“Over the past year, I have heard from distressed borrowers and
the professionals who represent them that there continue to be
servicing issues with the banks who are parties to the
Settlement. The Settlement anticipated that there may be a need
for additional tests and, as such, allows me to create more. 
“These four new metrics address a number of persistent issues
involving the loan modification process, single points of
contact and billing statement accuracy. They will better hold
the banks accountable to the commitments they made in the
Settlement to improve their operations in these areas. In
particular, I have been extremely concerned about ongoing dual
tracking issues. One of the metrics will address the issue of
when a loan modification application is considered ‘complete,’
which has led to some of these problems. 
“I have met with attorneys general, counselors, other advocates,
and distressed borrowers in 10 states over the past year. Time
and time again, I have heard their ongoing frustrations with the
loan modification process, single points of contact, and billing
and account statement issues. 
“In addition to these meetings, I have received and analyzed
complaints from professional advocates around the country and
those processed through the banks’ executive offices. This data
reinforces what I have heard from the field. Nine of the top ten
complaints my office has received involve the three issues the
new metrics address. 
“These new metrics, I believe, represent meaningful progress in
the effort to protect borrowers and reform the mortgage
servicing industry as a whole. I thank the Monitoring Committee,
as well as the banks, for their assistance in developing these
metrics. I look forward to sharing related compliance results in
my future reports.” 
One of the new metrics tests to ensure that the banks provide
customers contact information for new single points of contact
(SPOC) and that they implement procedures that evaluate and
remediate SPOC performance. A second tests the servicers’
monthly billing statements to confirm that accurate, detailed
information is provided to borrowers. Compliance testing on
these two metrics will begin January 1, 2014. 
The other two metrics relate to the loan modification process,
as well as certain disclosures made by single points of contact.
The metrics will test the banks’ communications to borrowers of
the requirements of a loan modification application, ensure that
the banks do not reject a borrower’s loan modification
application or proceed with a foreclosure for at least 30 days
while the borrower is responding to requests for additional
documents, and for those borrowers whose applications are
denied, confirm that the banks properly communicate that denial
and the loss mitigation alternatives available to the borrower.
Compliance testing on these two metrics will begin April 1,
2014. 
About the Office of Mortgage Settlement Oversight
More information about the National Mortgage Settlement is
available at www.nationalmortgagesettlement.com.
Further information about Joseph Smith and the Office of
Mortgage Settlement Oversight is available at
www.mortgageoversight.com. 
Contact:
Laura Brewer
919-508-7821 
(bjh) NY 
#<873920.660640.3.9.0.0.76>#
 
 
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