OCC Releases Status Report on Actions to Correct Deficient Foreclosure Processes

OCC Releases Status Report on Actions to Correct Deficient Foreclosure Processes

WASHINGTON — The Office of the Comptroller of the Currency today released its second interim report on the status of the Independent Foreclosure Review and actions required by consent orders issued in April 2011 to correct deficient mortgage servicing and foreclosure processes.

The orders required the nation’s largest mortgage servicers to retain independent consultants to conduct a comprehensive review of their foreclosure activity in 2009 and 2010, to identify financial injury caused by deficient foreclosure practices, and to provide financial remediation for that injury. That review includes a process for borrowers to request a free review of their loan files as well as a process where the consultants select samples of files from the servicers’ portfolios. Through these complementary processes, 338,447 files are currently slated for review. That number includes 193,630 people who have requested a free review and 144,817 files selected by the consultants from servicers’ portfolios through May 31, 2012.

In addition to the review of foreclosure activity, the orders required extensive changes in the servicers’ mortgage servicing and foreclosure processes to correct unsafe and unsound practices documented in the consent orders. Servicers continue to work to implement detailed action plans describing activities to correct deficiencies in mortgage servicing activities, oversight and management of third-party service providers, management information systems, risk assessment and management, and compliance oversight.

Through May 24, 2012, the servicers reported completing 93 percent of the corrective actions required by the consent orders. While the work completed to date represents a significant amount of progress, much work remains to be done to complete the implementation of the remaining items, validate and test these actions, and ensure sustainability of the corrective actions.

This report updates the previous interim report published in November 2011. More information about the Independent Foreclosure Review is available at http://www.independentforeclosurereview.com.

Report below…




Interim Report

7 Responses to “OCC Releases Status Report on Actions to Correct Deficient Foreclosure Processes”
  1. Ron Moss says:

    MERS will be declared unlawful or without standing to foreclose in Washington State. Thanks to Melissa Hulesman argument before our Supreme Court March 15th 2012. As a result My case was or will be reversed or has become a nullity, It did not happen. My 5,000 sq ft all brick house was worth over $1,000,000 and my efforts to home =school three kids was interupted after 10 years Our kids were operators of Heavy equipment buitding an airstrip with FAA approval and graduate A&P mechanics. their airplane was sold for half price my truck was also sold and my wife,’s BMW awas sacrificed to facilitate the Mafia type Predatory scheme we all suffered. Nearly 10 million in treble damages will be expected to settle our plight

  2. Fed up says:

    Dear OCC Directer John Malfeasance Walsh,
    The OCC you spear head is woefully derelict t in its duties.
    For the record the OCC commits out right fraud. Thats right Mr Walsh -FRAUD-
    Mr. Walsh the OCC has the nerve and audacity to claim it fully and thoroughly investigates complaints it receives when in fact the opposite is true. Time and time again the OCC totally and completely ignores relevant facts and evidence. Your useless agency does everything in its power not to investigate well documented complaints criminal activity is ignored.
    The OCC is a useless busy work clinic – a lie and a fraud the only thing the OCC thoroughly investigates is its own genitals.
    The OCC and its director is a FNG joke!

    Damn I hate my useless POS government!!!!!

  3. lies is all they tell says:

    OK how can they actually allow a widow raisinga daughter go through what my sister is going through aloud????? she is not as computer savy as me i found out all this crap and am defending my foreclosure. my sister had a town house in pembroke pines florida and decided to sell and by a new home built by centex. 2005. she was to sell her old home and close on the new home the same day. she had a mortgae broker who attended the closing and was buying her old home. what was done next is a crying shame to be aloud so if anyone knows a good pro bono lawyer email me a ssssssister@yahoo.com —– this broker had her uknowingly sign a quick claim deed now she bought her home for 132 on the tax roll it has the home sold for 180 hmmm my sister was never given an equity check??? what was the title insursance company doing??? where did her equity check go. come on this closing was in hollywood, florida how can they scam people and get away with it and not get caught, so then 2 minutes after signing this quick claim she signs for her mortgage on the new house. she gets a 2yr adj. that when adjusts is her whole salary. thats ok you can refianance. wasnt that the mantra and why we are in this mess. so she signs, now this widow has 2 mortgages in her name because the quick claimed house was never refinanced and both properties were foreclosed on. and eveyrone thinks this is ok to stea lhomes form unsuspecting peopel who know medicine as a respiratory therapist but not realestate. sad this is how that field works. could you imagine if nurses were like real estate agents or mortgage brokers no one would live to make it out of the hospital. so please this is a reach out for a widow she needs a lawyer to help reverse her SJ’s this fraud has to be overturned. please help this woman and her child out. after losing her homes she moved away and is now unemployed because there is no jobs in the tampa bay area of florida. please HELP!!!!!!!!!!!!!

    • Bobbi Swann says:

      @ Lies – Was there a real estate agent involved in the transation of the sale of her home to this mortgage broker? Was there a contract at all? If there was a contract there would have been a Warranty Deed signed and not a quit claim deed. If she signed a quit claim deed she essentially gave over the home to this mortgage broker and if the home was sold then the proceeds would have gone to the person in title and that would have been the mortgage broker. He/she would not have been liable under the mortgage on the property (that would have been in your sister’s name) and if the payments on the mortgage were not maintained then the lender would foreclose. The broker would have been named in the foreclosure since he/she was in title but in theory he/she walked away unscathed. And if the home was sold as you mentioned for the $180K then the mortgage would have been satisfied. A title company cannot just prepare a quit claim deed without a transaction behind it. Was there an attorney involved? Did you sister seek any kind of legal advice before signing over the deed? First and foremost, you should report this mortgage broker to the Office of Financial Regulation for the State of Florida. He/she are probably one of the thousands who no longer are in business as we are now regulated and licensed and complete background checks are done.

  4. Beth A. says:

    — USELESS is right.
    I forwarded them a notice that Chase / HSBC foreclosed on our home and we didn’t even know it. Found it filed at the County’s Office and I have it documented that they admit they didn’t properly publish a notice — and denied that they had to. False – but just another case where they get to do whatever they want, right?

  5. Fed up says:


  6. Fed up says:

    The OCC is not only useless and disfuctioanal its a total fraud.
    The OCC is a facilitator and enabler of fraud and theft.

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