Michigan AG questions banks compliance with national mortgage settlement

LANSING, MI – Michigan Attorney General Bill Schuette today announced his office, 48 other state attorneys general, the District of Columbia, and over 45 state mortgage regulators have reached a $45 million settlement with New Jersey-based mortgage lender and servicer PHH Mortgage Corporation.

State AG oversight of national banks for the first time. National banks were required to regularly report compliance with the settlement to an independent, outside monitor that reports to state Attorneys General. Servicers had a duty to pay heavy penalties for non-compliance with the settlement, including missed deadlines.

Mortgage Servicing Settlement | HUD.gov / U.S. Department. – Overview of Mortgage Servicing Settlement The Obama Administration is committed to ensuring that everyone in the mortgage process-banks, mortgage servicers, and other institutions-are.

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National Mortgage Settlement gets Mortgage Settlement Oversight office by Broderick Perkins (5/17/2012) Erate Exclusive – If you have questions, concerns or complaints about the National Mortgage Settlement, contact your attorney general’s office or the settlement office direct, but Joe’s also your guy.

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New York To Sue Wells Fargo For Failure To Comply With $26B Mortgage Settlement. The national mortgage settlement sets out more than 300 loan-servicing standards with which the banks are to.

The consent order requires that SunTrust follow the servicing standards set up by the 2012 National Mortgage Settlement (NMS) with the five largest banks. SunTrust’s compliance with this settlement will be monitored by the same professional monitoring team currently in charge of enforcing the NMS, led by former North Carolina Banking.

On June 19, 2013, Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, issued Summary of Compliance: A Report from the Monitor of the National Mortgage Settlement.1 This was the Monitor’s first report on the settling banks’ compliance with the servicing standards set forth in the Settlement.

 · One of Kamala harris’ biggest accomplishments as attorney general has been $25-billion mortgage settlement. But she didn’t deliver on all her promises.

Michigan Attorney General Bill Schuette has announced that claim forms are being mailed to approximately 148,000 Michigan borrowers who lost their home to foreclosure between Jan. 1, 2008-Dec. 31, 2011. Qualified Michigan borrowers may be eligible for a cash payment under the $25 billion national mortgage settlement.

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