National Mortgage Settlement

NationalMortgageSettlement – After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers:

The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government. It’s the largest multi-state settlement since the Tobacco Settlement in 1998.

National_Settlement_Executive_Summary

Mortgage_Servicing_Settlement_Fact_Sheet

Mortgage_Settlement Veteran-Service Benefits

Servicing Standards Highlights

Click Here To Download And View The Complete TFPTF Multistate Mortgage Settlement Presentation

Click Here to Download and View the 8/7/12 Presentation Introduction to the National Mortgage Servicing Settlement 

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Understanding How States are Spending their Share of the National Mortgage Settlement, see this report by Enterprise Housing Director Amanda Sheldon Roberts updated on May 16, 2012.

Enterprise Foundation  Fact Sheet on the February 2012 mortgage settlement

An Enterprise Policy Blog Post @theHorizon blog- How Will States Use Their $2.5 billion?

Updated Post – April 16, 2012

Original Post – March 14, 2012

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Office of Mortgage Settlement Oversight

If you are an attorney, caseworker, counselor or other professional helping consumers with their mortgages, please click here to Report Client Issues and report your client’s mortgage servicing issue.

By sharing your client’s information, you will help the Monitor better understand how servicers are treating their customers across the country. If a number of consumers are experiencing similar problems with a particular servicer, this may represent a pattern or practice in violation of the agreement. With this information, the Monitor can better enforce the mortgage servicing standards outlined in the agreement.

Please note that the Monitor cannot intervene with the servicer on behalf of your individual client. The national mortgage settlement charged the Monitor with ensuring that the servicers comply with the agreement; it did not task the Monitor with resolving individual complaints.

For immediate release:
May 10, 2012

Contact:
Laura Brewer
919-508-7821

Mortgage Settlement Monitor Launches Complaint Reporting Tool
Joseph Smith asks consumer advocates to report mortgage servicing complaints from borrowers

RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the national mortgage servicing settlement, today announced the launch of an online tool for consumer advocates to report their clients’ mortgage servicing complaints. Smith recently announced the development of this website to attendees of the National Community Reinvestment Coalition (NCRC) annual conference. The online form can be found here: www.mortgageoversight.com/report-client-issues/.

Last month, Smith officially assumed his position as Monitor of the mortgage servicing settlement among 49 states, the federal government and five major banks. In this role, Smith works to ensure that the banks comply with the requirements outlined in the settlement agreement.

The agreement does not charge Smith with assisting individual consumers with their complaints, but the information gathered from this online tool will inform Smith how the servicers are treating their customers. As Monitor, Smith will look for trends in servicing complaints as the banks move forward with implementing the agreement.

As he announced the website launch, Smith said, “Lawyers, caseworkers and other consumer advocates are the eyes and ears on the ground who will know first, and know intimately, what kind of difference these payments, adjustments and programs are making. That’s why we’ve created this dedicated tool – to see what they’re seeing.

“This allows me, as Monitor, to hear complaints and learn more about advocates’ impressions of how the settlement is working. Although I’ll extensively review reports and monitoring from the banks and my own team of auditors, it is still critical for me to receive information from the heart of each community this settlement serves.”

Smith will use the information gathered from these recorded complaints to investigate any notable trends. To report a complaint, professionals will visit the site, fill out information about themselves and their clients, and select from choices on which servicing issues their clients have experienced. The options on the form cover the more than 200 servicing standards outlined in the agreement.

“I believe that the settlement will bring relief to distressed borrowers and help communities across the country,” Smith said. “To do so, we need to be certain that the agreement’s servicing standards are being adhered to, and professionals who fill out this form will help inform me of any recurring issues that need to be addressed. I appreciate all who participate, as they will help ensure that this settlement makes a difference in mortgage servicing standards for all borrowers.”

More information about the 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.

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