The Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board announced Tuesday that the independent foreclosure reviews of 14 large servicers issued in April now are underway.
Approximately 4.5 million borrowers could have their loans reviewed and potentially be compensated for imposed financial hardship, according to a previous statement by the OCC.
According to the OCC, the review will take several months due to the volume of potential foreclosures to review.
The foreclosure review is part of a broader list of enforcement actions for the servicers to rectify missteps in the foreclosure process. The enforcement actions mandated by the OCC include improved borrower communications, greater oversight of third-party vendors, updated management information systems, and the elimination of “dual tracking” – which takes place when a servicer forecloses while a borrower is being considered for a modification.
Borrowers wishing for review may visit IndependentForeclosureReview.
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