Friday, November 25, 2011

Single Point of Contact and Reviews

The Federal Reserve says all servicers have instituted policies to end dual-tracking and provide borrowers with a single point of contact. Mortgage servicers under the OCC’s jurisdiction include: Aurora Bank, Bank of America, Citibank, EverBank, HSBC, JPMorgan Chase, MetLife Bank, OneWest Bank, PNC, Sovereign Bank, U.S. Bank, and Wells Fargo.
The Federal Reserve has supervisory responsibility over the two other servicers subject to the April regulatory consent orders – Ally Financial and SunTrust.

The independent consultants for each servicer are:

• AllonHill for Aurora Bank

• Clayton Services for EverBank

• Deloitte & Touche for JPMorgan Chase

• Ernst & Young for HSBC and MetLife

• Navigant Consulting for OneWest PricewaterhouseCoopers for Citibank and US Bank

• Promontory Financial Group for BofA, PNC, and Wells Fargo

• Treliant Risk Advisors for Sovereign Bank

• The engagement letters describe how the independent consultants will conduct their file reviews and claims processes to identify borrowers who suffered financial injury as a result of procedural deficiencies.

• The letters include language stipulating that consultants will take direction from the OCC and specifically prohibiting servicers from overseeing, directing, or supervising the reviews. The OCC says it is working to ensure a consistent process for all servicers.