OCC Statement: Cessation of Activities by Allonhill as an Independent Consultant Under the Independent Foreclosure Review
WASHINGTON — As a result of information provided to the Office of Comptroller of the Currency (OCC) by Allonhill, the OCC has directed Allonhill to cease reviewing files related to the Independent Foreclosure Review as a primary independent consultant or subcontracted consultant.
The OCC took this action after Allonhill reported work for third parties that the OCC determined to be inconsistent with the independence requirements for independent consultants, prescribed by the OCC. The work at issue involved prior review for third parties of loans that are part of the same pool of loans that Allonhill was reviewing as part of the Independent Foreclosure Review. The decision does not reflect on the quality of work performed to date by Allonhill but is necessary to ensure the independence of the loan review process going forward.