Regulators, mortgage servicers agree on reforms

Three federal regulators reached agreements with the nation’s largest mortgage servicers on Wednesday that aim to stem shoddy foreclosure practices. But the plans do not impose financial penalties on these banks or recommend the kinds of loan modifications that consumer advocates and other regulators are pushing for.

The agreements call on the banks to identify and compensate borrowers who suffered financial harm, though the details of how to do that are yet to be decided. The agencies also are requiring banks to provide a single point of contact for struggling borrowers who are trying to modify their loans and to stop pursuing foreclosures on mortgages that have been approved for modification.

“These reforms will not only fix the problems we found in foreclosure processing, but will also correct failures in governance and the loan modification process and address financial harm to borrowers,” acting Comptroller of the Currency John Walsh said in a statement.

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