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Mortgage Settlement Monitor: Foreclosure 'Robo-Signing' Slowing Down Among Participating Lenders

loansafe.orgJune 20, 2013

By Alex Ferreras

(Source: HUD) -- The nation’s largest mortgage servicers have failed eight of the servicing standards in the National Mortgage Settlement according to a report released by Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement. The Monitor’s testing through the end of last year resulted in three testing fails, and there are five additional fails in 2013.

The following is a statement released today by HUD Secretary Shaun Donovan:

“The Independent Monitor’s report is a landmark moment in our efforts to reform the servicing industry.  For too long, banks have been operating behind closed doors.  This report provides the public with a new and transparent look into how banks are treating homeowners.  The good news is that gains have been made.  The practice of robo-signing—where banks sign off on foreclosures with little or no review—has come to an end.  We’ve also confirmed that the five banks have stopped charging distressed borrowers a fee just to process a loan modification request.

Unfortunately, other abuses shamefully endure.  Most notably, these financial institutions consistently fail to send notices and communicate decisions to stakeholders in a timely manner.  This is unacceptable.  So the five financial institutions are officially on notice; they must correct these problems and pass the Monitor’s tests or the Obama administration, along with the bipartisan group of 49 state attorneys general we partnered with on this effort, will fine them up to $5 million for each failure or haul them back into court.”

 

Back to June 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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